Econ - 101
The basic laws of supply and demand are diligently at work in the Las Vegas housing market. The supply is definitely there, but the demand is wavering. Recent information suggests that there are approximately 22,000 existing homes on the market across the valley and 9,800 of them are vacant. Even with massive incentives being offered by homeowners and builders alike, many potenial buyers are choosing to wait on the sidelines.
In September, the median price for a home was $285,000. That’s the same place it was a year ago. Even with a 21.5% decline in new home building permits in the past year, it will take some time before the demand catches up with the existing supply.
According to some local realtors, buyers are preferring to rent over purchasing. Therefore to meet that particular demand, sellers are turning to renting out properties they would have preferred to sell. It’s that or neighborhoods filled with vacant homes.
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