Home shoppers in Southern Nevada may need to restrategize to avo - FOX5 Vegas - KVVU

Home shoppers in Southern Nevada may need to restrategize to avoid aggravation

Posted: Updated:
Homes are shown in an undated image in Las Vegas. (File) Homes are shown in an undated image in Las Vegas. (File)
LAS VEGAS (FOX5) -

People are buying homes in Southern Nevada ordinarily good news, but there's just one problem. Availability is running extremely low. 

According to the Greater Las Vegas Association of Realtors, just 4,118 homes were listed for sale without any offers. That number translates to a one-month supply when typically a six-month supply is ideal for a balanced market. 

So who's buying? According to data from mortgage company Freddie Mac, younger people in the neighborhood of 32-years-old who are dissatisfied with rent costs make up about 46 percent of new home buyers. The average home-sale price in Southern Nevada is $295,000 according to May's numbers from GLVAR.

Multiple factors play into the rise in sales including the strong economy, robust job market, and low unemployment rate.  Rising home prices may also be another reason people are trying to obtain mortgages more quickly. But the low supply could also end up slowing down sales as people opt to wait for a bigger selection to choose from. However, GLVAR says sellers may be reluctant to put their homes on the market due to lack of availability of other homes to buy.

Keep in mind, the GLVAR's number did not necessarily account for newly constructed home or homes for sale by owners. The Fed's recent interest rate hike won't affect anyone currently locked into a fixed-rate mortgage, but for it does mean home-seekers will pay more for a loan than they anticipated when their housing-hunting began.  

Copyright 2018 KVVU (KVVU Broadcasting Corporation). All rights reserved. 

Powered by Frankly
Fox 5
Powered by WorldNow CNN
All content © 2018, KVVU Broadcasting Corporation, Las Vegas, NV and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.