Las Vegas Housing Inventory Continues to Climb in 2017
The U.S. housing market has been quite robust throughout the first few months of 2017, but in markets all across the country, dwindling inventory continues to be an issue challenging soon-to-be home buyers. In fact, according to some economists and real estate experts, what’s really holding the market back and keeping sales from increasing even more is simply a lack of available homes listed on the market, especially when it comes to new construction.
Back in November and December, which are traditionally two of the slower months for the housing market, inventories fell to even greater depths, which some attribute to the election results and others to higher consumer confidence and also buyers wanting to buy before mortgage rates continue to climb to higher levels.
But while markets like Seattle, Washington, Chicago, Orlando, and even Cleveland has seen double-digit percentage drops in active listings compared to this time last year, Las Vegas is actually seeing one of the highest gains in inventory of any market in the country.
According to data from realtor.com, active listings in Las Vegas compared to a year ago are up 18%, which is well above other cities that are also seeing increases. Among the major markets that have more available listings this year are Las Vegas (+18%), Pittsburgh (+9%), San Antonio (+6%), Houston (+6%), San Francisco (+4%), Miami (+3%), and Denver (+3%).