Inventory increased about 5% since last month, while fewer homes were sold.
Of the 7,215 homes currently for sale, only 27 are Foreclosures. That represents just 0.37% of all active listings, or approximately 1 out of every 267 homes.
From a technical standpoint, this is important. The increase in inventory is being driven mainly by regular homeowners, not distressed or bank owned properties. Most homeowners have equity and are not being forced to sell, which reduces the risk of huge discounting and big price declines.
Prices have remained mostly steady compared to last year. Although the market is slowing and shifting in the buyer’s favor, the extremely low foreclosure rate does not indicate a housing crash or even a distressed market.
Every neighborhood and price range is different, but overall, the Vegas market is changing.
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Las Vegas Market Snap Shot
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