With mortgage rates at a 20-year high and many homeowners locked into low rates they nabbed during the pandemic, fewer existing houses are selling in Southern Nevada and homebuilders are offering more incentives to get buyers into new homes.

The Las Vegas Valley could run out of land to build houses in as little as eight years, and this is definitely cause for concern, the leader of the region’s homebuilders association said.

As the real estate market squeezes out potential home buyers in Southern Nevada, many are facing a greater challenge, true affordable housing. There’s a concerning shortage that continues to expand.

In most presidential election years, home prices aren’t a key issue for voters or a major campaign talking point. Consider it another way in which the 2024 election is anything but typical. With mortgage rates up and home prices out of reach for many first-time buyers, the affordability crisis is increasingly in the spotlight as campaign season heats up.

Condo and townhome prices in Southern Nevada reached an all-time high in April 2024. Single-family homes have priced many out of the market as well. Experts said the cost is driven up by a myriad of things including low inventory and cash investors.

Nevada Democrats and Republicans are playing a game of tug of war when it comes to the housing crisis, arguing who is to blame for the high costs of housing — and whose ideas would fix the problem.

Confusion, chaos and misinformation are spreading like wildfire throughout the real estate world as the industry grapples with the potential fallout of a settlement concerning the National Association of Realtors and agent commissions.

Buying a home could get more expensive after the National Association of Realtors changed several long-standing policies after a massive settlement was reached. According to the Associated Press, the NAR agreed to pay $418 million to sellers following several lawsuits that were raised. The trade group demolished an old-standing policy of the seller paying the commission of both brokers in a real estate transaction. It's usually 5 to 6 percent.