Quote:
Originally Posted by dontlifttoshift
I imagine mortgage rates doubling will have that effect. According to Redfin, vegas housing prices were up 22.5% in June compared to last year......and approximately 50% since June of 2019.
Even with the recent drop the SP500 is still up ~195% over the past ten years.
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That sounds about right. Some depreciation is a good thing long term. Affordability has gotten out of control. The rent vs. ownership ratio is too far out of whack with the hike in interest rates. It will all sift out. This isn't Silicon Valley.
With that said, it's by far the most rapid shift in the market I've witnessed in 22 years in the real estate business in Vegas. It's like a light switch. Sales were down 40% from just one year ago. Inventory has tripled in months. While 2021 is not a fair bar to measure by long term, it's the weakest July since at least the great recession. Frankly, I'm surprised the market endured as long as it did.
As always, if you are in it for the long haul, it probably doesn't matter.