According to a recent report by Attom Data Solutions, buying a house in Las Vegas is officially less affordable than the national average. “Entry-level buyers are being priced out of the market,” said Chris Bishop, a branch manager with Coldwell Banker Premier Realty. Clark County has a housing affordability score of 84, compared to 92 for the U.S. Any score below 100 means that median home prices are less affordable than the historic average. The number reflects an ongoing trend.
Clark County’s score has been below 100, and lower than the country’s, since the third quarter of 2017. Las Vegas’ housing market accelerated in the past year or so amid low availability and strong demand. Builders are seeing rapid sales and record prices, developers are packing the suburbs with new apartment complexes, and both rental rates and sales prices are climbing faster in Las Vegas than in most big cities.
But amid affordability concerns, the resale market has shown some signs of a cool-down in recent months. Sales have slowed, and in a sharp reversal from the past few years, the number of houses on the market without offers has climbed.
Read More
