LAS VEGAS (KTNV) — Some potential homebuyers in the Las Vegas Valley are now thinking twice before purchasing a home. This comes as economic uncertainty is translating into a growing trend of more homes for sale and less being sold.
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“I was searching hopefully for a 1-story, my forever home, and I just kind of put that on the back burner," said Mia Browning, who is still on the search for her dream home.
Browning has lived in our valley for a little over 10 years. She says, like many others, she's being priced out.
I asked her if it's tough to put her dream home on hold.
"It is because you are ready to move forward, you have outgrown where you’re at," said Browning. “It’s just more and more difficult to get there.”
I first met with Mia at her current North Las Vegas home in March.
“I love it out here. I like to sit here and read," Browning said.
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She was searching for a new home then, but fast forward three months later and she's still in that same position.
I asked her if it's discouraging seeing her dream home out of reach.
"It is discouraging especially when you work really really hard," Browning said.
She's not alone though. The Las Vegas Association of REALTORS President George Kypreos says the valley housing market is in a bit of a lull.
“There’s some of that uncertainty, some people might think prices might drop and why come in here if I can come in lower, some are waiting for rates to drop," Kypreos said.
Here's a breakdown of some of the changes seen in the latest Las Vegas Realtors numbers released for May.
- Available homes are up by 35.5% this year compared to the same time last year. There are 9,137 homes listed for sale.
- The average median home price is at $480,000 in April and May, that's down from the all-time high of $485,000 seen in the first three months of the year.
- Homes sitting on the market with no offers are up 71.8% from last year with 6,646 homes with no offers.
- Home sales are down 13.1% from last year at the same time. There were 2,087 homes sold in the month of May.
“It’s surprising to think there’s really on 2,000 or 2,200 homes transacting in a huge marketplace like Las Vegas, I mean it’s small," Kypreos said.
Professor and Research Director for the UNLV Center for Business & Economic Research Stephen Miller believes economic uncertainty is spilling over into all industries, not just real estate.
“The word of the day is pause, uncertainty and pausing, waiting for more information," said Miller.
Kypreos tells me it's not time to sound the housing crisis alarm though.
“If we continue for another 12 months like this and end up with like 20,000 homes for sale then we’ll have a conversation then," Kypreos said.
He still suggests if you can afford a home, to buy one.
“When you own it it’s yours, as long as you can pay," Kypreos said.
Kypreos tells me he can't predict what the market will do but says he hopes the market will stabilize for both buyers and sellers in our valley.
