Las Vegas has been setting records for growth of home prices over the past several years. In 2009, the average home price was about $155,000. This past month, it topped $300,000.
Nonetheless, the growth in prices is slowing slightly. In fact, in recent months, prices have grown at their slowest rate in 7 years.
This is due in large part to a slight cooling in the housing market. Another contributing factor is the addition of more inventory. These two factors, as well as a slight rise in interest rates, have likely forced a slowing of home prices.
What does this mean for sellers?
Sellers can still sell their homes and make a tidy profit. It will require a closer look at the price that home is set at to motivate a rapid sale.
It will be helpful to dial back projections of massive price increases.
What does this mean for buyers?
If one is looking to purchase a home, now is a great time. Inventories are larger than they've been in years and prices are growing slower that any time in 7 years.
Finding the perfect home is easier now than it has been in years. The prices will be somewhat more stable in the near future than they have been for most of the past decade.