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More homes in Las Vegas are for sale; buyers finding difficulties purchasing

Home inventory has increased since 2018
Posted: 11:20 PM, Feb 14, 2019
Updated: 2019-02-15 07:42:35Z
Howard Kline .jpg

LAS VEGAS (KTNV) — Finding a new place to live has proven to be a difficult chore for Howard Kline who actually works as a commercial real estate advisor.

Kline and his wife are renting in Summerlin, ready to buy, but finding few homes in their price range.

"We looked at some real dogs! And they were grossly overpriced,” said Kline.”They should be on one of those fixer-upper shows!”

A new report from Zillow shows it’s now a buyer’s market in most U.S. cities, but the Las Vegas metro isn’t one of them.

Ana Usma is a portfolio manager with real estate company Opendoor.

"We still have a lot of people moving into Las Vegas which places pressure on the housing supply,” she said. “And we have a high population under 35 as well. All of this is a recipe for a hot housing market.”

Zillow reports nationally; there are more than 19,000 homes on the market.

That's up more than one percent from a year ago. Inventory in Las Vegas is up 2.2 percent. But supply is still short, and prices are again rising.

The median home price in the U.S. is about $225,000 while in Las Vegas it is closer to $300,000 at $277,900.

However, there is an upside.

"It is much easier to find a home nowadays than it was this time last year," Usma said.

So what should you do if you are like Howard and still looking?

Usma says it’s all about not limiting yourself.

"Start looking outside of the one community that you want to find, and you might find something in a different community,” she said.

"You basically have to keep on looking!" said Kline.