Meanwhile, rates rose last week by between 5 and 6 percent. Fewer homes are being sold even though there are more homes on the market, according to Las Vegas realtors in their latest real estate report. LVR reported that 3,758 existing local homes, condominiums and townhomes were sold in May. Sales fell by 8.8% for homes and 6.6% for condominiums and townhomes compared to a year ago.
While home inventory remains limited and markedly low, the number of units available was until the end of the month, but is still below a month's supply. For those who can afford investment properties in Las Vegas, this guarantees a large rental population that won't be able to afford the new exclusive properties that are coming on the market. These are just a few of the highlights that make Las Vegas a great place to live and invest in real estate. Las Vegas is a destination for millions of visitors, the city is famous for its vibrant nightlife, exciting gambling and the natural charm of the beautiful desert that surrounds the greater metropolitan area.
This is the home price forecast for Nevada, Clark County, Las Vegas, Henderson and the Las Vegas metropolitan area. The average 30-year mortgage loan rate was 5.1 percent on Thursday, down from 5.25 percent last week, but still up from 2.95 percent a year ago, mortgage finance giant Freddie Mac reported. The Las Vegas real estate market continues to attract many buyers from other states such as California and New York, among other places. 933 condominium and townhome units were sold in March and, by the end of the month, there were 394 units available, with 0.4 months of inventory on the market.
While there's a slight increase in inventory, it's still tight and Las Vegas is still a strong seller's market, considering that 6 months of inventory suggests a balanced market. While owners of investment properties in Las Vegas will have to pay their mortgage if they don't pay cash for the property and ongoing expenses, such as maintenance and insurance, Nevada offers very low taxes. Despite a slight increase in inventory and more options in the market for buyers, Las Vegas remains a seller's market, as 6 months of inventory suggests a balanced market. According to last year's Las Vegas city records, the one-story project will cover more than 21,000 square feet and will be located on a 5-acre lot.
Despite a slight increase in inventory from last month, Las Vegas is still a fast-growing home seller's market. The Las Vegas real estate market is one of the cities that showed the most signs of a positive recovery from the pandemic. Home sales fell sharply in both April and May 26 compared to the previous month and year, when the housing market began to feel the full impact of the coronavirus outbreak and the state's stay-at-home order. LAS VEGAS (KLAS) Despite rising inflation and mortgage rates, the Las Vegas housing market is still red hot.