The biggest news in real estate has been the rise in interest rates and how it will affect demand for housing as more buyers will be pushed to the sidelines with suddenly unaffordable mortgage payments.
Here in Las Vegas, we are experiencing some market stabilization as buyers find it harder to qualify at higher interest rates and are no longer in the running to buy a new or resale home.
Prices are up over 18% from this time last year and has made the process of pairing down a homebuyer’s budget more difficult, with the median resale home price in Las Vegas reaching a new high of $475,000.
Overall, we are still experiencing an inventory shortage, fueled by a new home builder slowdown that lasted almost a decade and an influx of demand from out-of-state buyers looking to escape other higher priced housing markets. As demand slows across the country, we do expect builders here locally will have more new homes available.
At The New Home Experts, we are diligently tracking availability of new homes and new home trends to share with you.
As the last year has brought fierce bidding wars, lotteries and long waitlists, as interest rates trend upwards, we are expecting more opportunities will be available to our clients wanting to purchase brand new homes.
If you’d like more details on the Fed’s plan to raise interest rates – read the Wall Street Journal article here.
by Century Communities in Skye Canyon
Model Tour of 1816 square foot model home
Alex and I recently visited a few of our upcoming closings in the Northwest Valley’s Skye Canyon master planned community.
Skye Canyon has become a great alternative for those looking for a master planned community in a great location priced more competitively than nearby Summerlin.
Check out our video here for more information on Century Communities Skye Mesa. We toured the 1816 model as well as our client’s home that was just a few weeks from closing.
In the coming weeks, we will share with you more of our upcoming closings at other single story communities in Skye Canyon.
COMING SOON! NEW HOMES IN LAS VEGAS, NEVADA
ARROYO’S EDGE BY TRI POINTE HOMES
ANTICIPATED FROM THE HIGH $500S
1,953 – 2280 SQ. FOOTAGE | 2 – 4 BEDROOMS | 2.5 – 3 BATHROOMS | 2 GARAGE
PLAN 3 Anticipated from $622,000
2280 SQ. FOOTAGE
3 – 4 BEDROOMS
2 BAY GARAGE