LAS VEGAS (KTNV) - The Las Vegas housing inventory remains tight and prices continue to go up, making it harder for people to find their dream home. But, it looks like the housing shortage is starting to ease up. So, how is this possible?
It's because home prices are still rising and people are being priced out of the market.
Some can't afford the homes anymore. That's why the housing supply stopped shrinking for the past few months.
Those rising prices plus a tight local-housing supply have dragged down home sales. 2018 is on pace to have slightly fewer local homes sold than 2017.
But financial analyst Steven Budin says if you're looking to buy a home, you still have to move fast.
"I think if you're looking to buy you just have to understand that it's a very competitive environment. If you see something that you like, you're going to have to make an offer almost instantly... And definitely be prepared to pay top dollar. There's very little room for negotiation because if you don't want the house there's another buyer behind you ready to make a bid," says Budin.