NAR Reports Softer Las Vegas Home Prices

Las Vegas home buyers continue to reap the benefits of the influx of listings across the valley. Sellers continue to compete to sell their home in a timely fashion.

Existing-home sales were down in July compared to previous months, while home prices in many areas are slightly below year-ago levels, according to the National Association of Realtors®.

Total existing home sales including single-family, townhomes, condominiums and co-ops dropped 4.1 percent. Higher interest rates dampened sales but that price softening is good news for the housing market because it is drawing buyers. "Many potential home buyers have been on the
sidelines, some 'kicking the tires,' but mostly waiting for sellers to compromise on prices and terms," said David Lereah, NAR's chief economist.

Sellers are recognizing the reality of the current market and they are adjusting accordingly. The good news for sellers is that prices have not dropped significantly. The market has softened but homes are generally holding their values. Buyers coming into the market are able to get great prices with the potential appreciation anticipated within the next few years.

Las Vegas real estate agents are providing great service at this point as it has become a professional's market. Agent representation is improving as fly-by-night agents are dropping out of the race. Clients are benefitting as they grab hold of quality professionals.