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Las Vegas housing market showing signs of adjustment

Centennial Hills home
Posted at 10:01 PM, May 06, 2022
and last updated 2022-05-09 13:42:54-04

LAS VEGAS (KTNV) — A robust housing market that’s showing signs of an adjustment. The trade association Las Vegas Realtors shows the Las Vegas housing market continues to be hot with home prices going up, but sales now starting to go down.

"The house means everything to us. My wife and I never planned to ever leave this house."

John Zenor loves his Centennial Hills home that he and his wife have lived in for the past 22 years, but to enjoy a more active retirement, they decided to sell it.

"The right person for this house was very important,” he said.

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It took some time to find that person. The 4 bedroom, 3 and a half bath home was listed at about $730,000. Zenor says there were multiple bids and a potential buyer was found. Due to lending issues, that buyer fell through and the search for a new one took a couple of weeks longer.

"Of those 12 showings, although great interest was expressed, only one person made an offer and that one person had cash,” ZENOR SAID.

It's a trend that's been seen valley-wide. Data from Las Vegas Realtor released Friday shows home prices continue to rise but sales starting to fall. The median price for single-family homes was $475,000 in April, up 3 percent from March. However, the available inventory of homes for sale went up about 22 percent from March. Zenor's realtor David Lee with Painted Desert Realty says rising interest rates are playing a big part.

"I do believe once it gets to the seven, eight, nine percent, that's when we'll see a majority of a slowdown come,” he said.

He says the trend of high prices and rising interest rates will slow down sales.

"Sellers try to sometimes ask too much for their houses, so that combination on top of interest rates going up, houses will sit a little bit longer and it will give buyers a little bit more opportunity to get in,” he said.

Zenor says he can't buy a comparable home he's priced out. He's now committed to renting as he wants to enjoy a more carefree life. As for the cash he's getting…

"I personally plan to spend 90 percent of it. Just having fun with my wonderful wife,” he said.