for sale

For sale sign is seen in this undated file photo. (FOX5)

LAS VEGAS (FOX5) -- Realtor.com released its projections for the 2020 housing market.

The site predicts Las Vegas Valley housing sales decreasing by 9.5 percent next year and price growth also going down by 1.1 percent.

Scanning through the other 99 cities in the report, there’s only two with numbers worse than Las Vegas in terms of sales growth.

"Realtors on the ground in the trenches, like myself, we see a whole different story," said Henderson realtor Steve Hawk.

The report makes a few bold predictions for the national housing market:

  • Home price growth will flatten
  • Inventory will remain constrained, especially at the entry-level price segment
  • Mortgage rates are likely to bump up that will lead to dropping sales
  • Buyers will continue to move to affordability, benefiting mid-sized markets

On a national level, only time will tell how accurate those predictions are, but Hawk from Platinum Real Estate Professionals in Henderson said he thinks their interpretation of what will happen in the valley in 2020 is way off.

"We see Vegas booming. We see the California exodus. We see a huge shortage of homes. Prices are going up. Wages are going up. There's corporations coming here,” said Hawk. “So how they think that the prices are going to fall was really a surprise to a lot of us that are in the trenches on the day to day that have the MLS data."

Another factor listed in Realtor.com's forecast is the 2020 election. Who's in the oval office doesn't necessarily have a direct impact on the housing market, but expectations linked to an administrations legislative or regulatory actions can sway people's confidence and decisions.

Copyright 2019 KVVU (KVVU Broadcasting Corporation). All rights reserved.

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