Las Vegas Home Prices Up, Sales Down - 8 News NOW

Las Vegas Home Prices Up, Sales Down

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LAS VEGAS -- Eager valley house sellers may be a little hesitant about what to do next when it comes to putting their house on the market. A new report from Realty Trac shows that Nevada is one of four states where home sales dropped when compared to last year.

The report shows homes prices are up but sales are down.

"I would say it's going to be more of a buyers' market than people know," said Jared Jones, a broker.

He says the report is a reflection of what started a few months ago.

"This aggressive cash buying that's been going on has diminished due to them being priced out of the market so to speak," Jones said.

The hedge funds, the investors, or simply the big guys with cash to buy homes in bulk are taking a step back after flooding the Las Vegas market for an estimated year-and-a-half, which means the average joe is getting a chance to buy a home with a loan or mortgage.

"It's been, you know, very seller favored, buyers had a hard time. Next year, I think it's going be more balanced," Jones said.

It's good news for buyers like Romain Mejean.

"I'm in the process to buy a house, right now."

The producer and DJ says after renting for about three years and looking to buy for about a year, he may soon close a deal on a home.

"There is competition all the time. I saw like three or four before I put that option on this one," he said.

The competition has been the cash buyers. So while they're standing by, Jones says buyers like Mejean can move forward.

"I think there's been a whole lot of buyers that have been on the sidelines for a long time," Jones said.


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