See MSNBC article
Several of our Las Vegas real estate blogs have mentioned the high levels of housing supply in the Las Vegas market. Prices have slipped over the past couple of months to reflect home seller urgency to move their properties.
The Fed realizes the slow down in the national market and has debated whether or not to adjust the rate which would affect Las Vegas in the same ways it would other markets.
"This year, with mortgage rates rising through midsummer, sales have cooled considerably, with housing expected to trim more than a percentage point from overall growth in the last half of the year.
The debate is whether the slowdown will be enough to push the country into an outright recession. The Federal Reserve, recognizing the weakness in housing, halted a two-year string of interest rate increases in August and left rates unchanged for a third straight meeting on Wednesday.
The Fed, however, gave no indication that it planned to start cutting rates because of the weakness in housing, saying it was still concerned that inflation remained too high."
Las Vegas continues to see a steady flow of buyers. They are different in nature from those of a few years ago. There are fewer investors and more permanent home buyers. The influx of homes has provided a wide range of buying options and many who recognize the possible gains are taking advantage now. Few believe the housing market will remain stagnant for too long. That means that those who move in on great deals now and buy while the market is providing options will reap the benefits when housing makes another run.
- Las Vegas real estate agent, Darren Hildreth, Realtor® reporting on Las Vegas real estate.