Pending home sales in the Las Vegas Valley dropped 13.4 percent year over year through the end of March, making it the third highest rate of decline in the country, according to a recent report from Redfin.
Only Miami, which saw a 17.4 percent decrease, and Fort Lauderdale, Florida, with a 16 percent drop, experienced steeper declines than Las Vegas.
Houston and West Palm Beach, Florida, rounded out the top five, with decreases of 12.3 percent and 8.7 percent, respectively.
The report highlights that pending sales have decreased in roughly half of the major metropolitan areas across the nation, indicating a broader trend in the housing market.
Las Vegas home prices, however, have remained at record highs since the beginning of the year, according to statistics from Las Vegas Realtors, which draw directly from the Multiple Listing Service.
Last month, the median sale price for a house sold in Southern Nevada was reported at $485,000.
Ryan Knoch, a real estate broker with Simply Vegas, expressed belief that the market has not yet reached a turning point.
“I don’t see prices falling or becoming a buyers’ market yet,” he stated.
“There are multiple reasons, but mostly because inventory stays low and out-of-state buyers are still helping sales. New loan programs are helping buyers find entry into the market, and that will continue to grow.”
According to the same Redfin report, the residential real estate market is currently facing a multitude of pressures, including elevated mortgage rates, tariff uncertainty, volatile stock markets, and increasing fears of a recession.
Mortgage rates currently sit at around 7 percent, influenced by the bond market’s fluctuations since President Donald Trump took office.
Matt Hennessy, a Las Vegas-based mortgage advisor, remarked that the markets have been swinging dramatically since the beginning of a global trade war initiated by Trump in early April.
“Whether we’re talking about mortgage rates or a typical yardstick of the rate world like the 10-year Treasury yield, it was the roughest week in quite a while,” he commented.
“Nearly every corner of the market continues reacting in a volatile fashion to last week’s tariff announcement and the subsequent updates.”
Despite the pressures, Hennessy noted that some underlying economic indicators remain positive, illustrating an odd dichotomy for the American economy and the real estate market.
Nationally, Redfin reports that new home listings are on the rise, up 10.3 percent annually, while pending sales continue to decline.
“Supply is up partly because many homeowners who have been considering selling are listing now, in hopes that they’re able to pocket their equity before a potential economic downturn,” the Redfin report stated.
Chen Zhao, Redfin’s research lead, indicated that the economy seems to be at a crucial fork in the road leading into 2025.
“The only thing that’s certain about mortgage rates and the housing market right now is extreme uncertainty,” she added.
“With the White House going back and forth on tariffs, sending markets and rates reeling, Americans are feeling uneasy about their money.”
She emphasized that nobody knows what will happen next.
“It’s likely that financial anxiety, rapidly changing economic news, and the rising chance of a recession will freeze the housing market,
But it’s also possible that economic turmoil could push down mortgage rates, causing people to decide to buy now instead of waiting for conditions to worsen, which could encourage homebuyers and sellers to engage in the market.”
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