LAS VEGAS (KLAS) — 8 News now has been monitoring the housing market and how it is getting more expensive to live in Southern Nevada.
Real Estate Broker of Signature Gallery of Homes Trish Nash says the average cost of a new home is $450,000.
“We are seeing it happen right now,” said Nash. “That is up 15% from last year.”
From garage doors to baseboards, builders are facing delays with materials stuck at the port and it’s hampering home buyers’ move-in dates snd their interest rates.
“There was a buyer that had to do a rate lock three times because of the extensions and has so far spent over $2500 in rate locks,” added Nash.
The Southern Nevada Home Builders Association tells 8 News Now some builders are asking building departments to allow people to move in the simple materials missing.
Multiple building departments in various cities say they are being impacted.
The City of Las Vegas is trying to be flexible with the builders because of the shortage, however, safety is the priority.
“We are seeing people that are coming here needing short-term rentals, even long-term rentals, and they can’t find it,” said Nash.
The demand for rentals is also affecting the housing market.
According to Rent.com the average rent for a two-bedroom home in the valley is now $1,946, up 30% from 2020.
“I have seen situations where individuals have chosen to not move here because they can’t find a place to live,” adds Nash.
She recommends that homebuyers don’t hesitate in finding a home in the current housing market, because she says she doesn’t expect interest rates to stay as low as they are now.