CALLING ALL BUYERS! It’s your time to shine! The average mortgage rate for a 30-year fixed mortgage is below 5% for the first time since April, according to Freddie Mac.
While mortgage rates have been all over the place these past few months, we still can’t be too sure where the mortgage rates will be in the coming months. This is why people that have been trying to purchase a home during the heat of the market, and were discouraged, should look into purchasing a home now.
The market has seen a recent shift, with less buyers coming to market, and more homes coming to market. The number of homes sold in July 2022 was 2,066 homes, compared to 2,668 homes in June 2022, according to LVR market stats. That’s a 22.6% decline! You can compare this to the number of new listings that came to market in June and July 2022. In June 2022, we saw 4,674 homes come to market, while in July 2022 we saw 4,459 homes come to market. While the number of new listings has declined 4.6% from June to July 2022, we saw a 15.9% increase in the number of new listings from May to June 2022. This shows that June and July have seen a large increase in the number of new listings coming to market, compared to the market in May 2022.
Since that was a lot of numbers, let’s put this into perspective. We are seeing roughly the same amount of homes coming to market from June to July 2022, while the number of homes being sold from June to July 2022 has decreased tremendously. This comes down to supply and demand, we have seen an increase in homes coming to market (supply), while we have seen a slow down in buyers purchasing homes (demand).
So, for people looking to purchase a home in Las Vegas, now may be a great time! There is more inventory, and less competition, allowing buyers to have less stress and more time when purchasing a home in Las Vegas.
