Have we come to an end of a cycle or just a blip?
Las Vegas was one of the first cities to experience the recent correction in the housing market. In May of 2022 we saw prices hit the all-time record high of $485K. We know the story, the Fed raised rates and prices gradually begin to fall.
Home prices decreased approximately 1 or 2% a month but haven’t changed much since December. March is the first month I’ve seen median prices go up. They went from $425K in February to $430K in March.
Is it possible that we may be among the first to come out of this recent slowdown or is this just a blip on the chart?
Prices have come down, while interest rates are higher, but they too have been on a downward trend. I’m seeing a lot of buyer activity and they’re happy.
WHAT IS MY HOME WORTH?
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