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Now a huge chunk of homeowners in the valley and across the country are locked into historically low interest rates and unwilling to part with their cheap monthly mortgage payments. housing market.īut the party didn’t last long as inflation soared in 2022, forcing the Fed to dramatically increase rates to slow spending, which led mortgage rates to reach a more than 20-year high.

Following massive injections of cash into the market, both a buying, selling and building boom took place across the U.S. This bottomed out the economy and forced the Federal Reserve to slash interest rates down to zero. So how did we get here? It dates back to the early days of the pandemic when governments around the world shut down the global economy for months with Covid restrictions. If there’s one thing keeping the local housing market locked into its current situation, it’s a lack of inventory for real estate agents to sell. Here’s a look back at some of the interesting real estate stories and trends that took place in the valley from single-family housing to industry space. But given the current macroeconomic climate, it’s anyone’s guess as to where the economy will actually head in 2024.

But the hospitality sector had one of its best years in perhaps decades as two resorts, including the long-awaited Fontainebleau opened its doors 16 years after it first started construction.įorecasters are predicting the Federal Reserve will slash the overnight funds rate sometime next year as inflation cools, which could give a boost to the market. Industrial demand slowed in the third quarter as new supply of space dropped substantially from earlier in the year, and fewer tenants moved into completed projects. Home sales were their lowest since 2008, but this was after a record-breaking 2021 and first half of 2022. (Chitose Suzuki/Las Vegas Review-Journal) Las Vegas Valley real estate market - from residential to commercial - has been on a roller coaster ride in 2023. Lisa Cole, Esq., vice president of Land Development Associates, LLC, stands near a building of Dermody Properties under construction, Friday, June 9, 2023, in North Las Vegas’ Apex Industrial Park.

Criminal records casino dealer los angeles