LAS VEGAS (KTNV) — According to a new report by Redfin, home sales nationally fell 35% in November compared to the previous year, the biggest decline on record.
While home sales are down, prices remain high, with the median sale price last month being $393,000 nationally and nearly $431,000 in Las Vegas, according to Las Vegas Realtors.
While some homeowners, like William Rice, are looking to take advantage of the hot housing market and sell their homes, the market has changed and offers are not coming in like they were during the peak of the COVID-19 pandemic.
However, Andrew Leavitt, the Secondary Markets Manager at Pinnacle Lending Group, says that the market is still active and has not seen the big price drop that was feared by some.
Leavitt expects mortgage rates to drop in the next six to seven months, making it a good time to sell. Rice also remains optimistic about the market and doesn't think his house will sit on the market for long due to the interest it has received.
