In February, the median price for a single-family home reached $460,000, marking a 3.5% increase from the previous month and an 8% jump from the same period last year. Despite a decline in home sale volume, prices continue to rise, with transaction volume up by approximately 10% compared to last year.
The current inventory stands at a two-month supply, remaining low due to sellers' hesitancy to list their properties amidst uncertain interest rates. Local demand is tempered by affordability concerns, although out-of-town buyers are contributing to absorption of available inventory.
Looking ahead, there is anticipation for potential rate reductions by the Federal Reserve as inflation decelerates. This could positively impact interest rates, potentially easing affordability constraints in the housing market.
🎬 In Other News: The American Film Market, after 45 years in Southern California, is relocating to Las Vegas. This six-day event at the Palms Hotel is generating excitement locally, as it promises to bring heightened industry awareness and opportunities to the city.
Article: Las Vegas Lands A Major Film Industry Event
by Sean Hemmersmeir | Las Vegas Review-Journal
