[mlulu23]

Originally Posted by Cold Warrior

Has it? Redifin.

Just keep watching, as the economy tanks further down the drain, and prices keep going up, and up.

[Mike from back east]

Job market is HOT right now, up over a half million hires in July, double what "the experts" expected.

Gasoline prices have dropped from $5/gallon to $4/gallon, nationally, spot market may differ.

Crude oil is down to $88/bbl from peak of $139/bbl.

Home sales are slowing a bit as interest rate rises price some people out of the market, price reductions are seen more often.

If this is a recession it's an odd one, for sure. Keeping an open mind is essential.

[moguldreamer]

Originally Posted by mlulu23

The infamous housing bubble has finally burst.

1. There is no such thing as a housing bubble.
2. Because there is no such thing as a housing bubble, it cannot burst.

Prices go up. Prices go down. Prices go up. Prices go down. <== I've just described what happens to the price of residential real estate since WWII.

[moguldreamer]

Originally Posted by Mike from back east

If this is a recession it's an odd one, for sure. Keeping an open mind is essential.

I agree. To me, it sure doesn't feel like a recession. But the official arbiter of recessions will tell us in about 6 months or so if we had a recession.

[GuruChicken]

I just did a 30k+ price drop. The house was priced too high so I said f' it....let's get this done. I undercut someone else with the same model in my neighborhood so we'll see what happens.

[AA702]

Originally Posted by moguldreamer

There is still a steady flow of retirees leaving California relocating to greater Las Vegas armed with cash and eager to break California residency for income tax purposes.

I actually know someone who sold their home in Ca and is moving to Nye county because the prices for the size lot and house they want is much more of a bang for your buck there. They thought Vegas was still expensive for what you get.

[longviewJoe]

Originally Posted by sg8910

I find this thread quite fascinating. I am actually thinking of getting into real estate in the Las Vegas area. I have no experience but my friends tell me i know more about real estate than most of our friends. Just really intuitive , i often find people roomates for fun via facebook marketplace. I am curious how saturated the field is in las vegas. I am currently locaated in arlington va, working in hosptiality and sales, but I am looking to move out west and Vegas in top on my list, You all seem to understand the field and looking for feedback on the real estate career market in Vegas and surrounding areas,

Thank you

In all seriousness I encourage you to work on things like punctation and spelling. If you are going to go into a real career those basic things are highly correlated with success. This is not texting with your friends! Start getting into good habits now would be my suggestion to you. Good luck!

[bayview6]

Originally Posted by atler8

I've long wondered the same thing in terms of the real estate market in Las Vegas and some other cites/states where growth and even life as we've known it, seems to be somewhat unsustainable in the fast-approaching future.
Personally, I would never consider moving to or buying property in a location that relies heavily or entirely on an increasingly tenuous supply of water.

No worries, mate, about Las Vegas water supply. We get our water from BEHIND Hoover Dam which means that we will always be able to get our current quota. The problem is that the allotment to California and Arizona is too high for current river flow. They need to significantly reduce their take.

[NearFantastica]

Rents and housing prices in Las Vegas are falling like crazy right now, basically the opposite of what's happening in Phoenix

[Mike from back east]

Bloomberg reports today that "Builders Are Stuck With Too Many Houses as US Buyers Pull Back"

Excerpt: In an American housing market that for years has been plagued by too little inventory, builders are suddenly finding themselves with a glut of unsold homes. .. This year’s surge in mortgage rates tossed buyers to the sidelines. The waitlists for new houses are gone. And new-home sellers such as Kevin Brown, who works just south of Houston, are on the front lines of a massive shift. ... While Brown used to have back-to-back appointments, buyers now just trickle in to his Saratoga Homes sales office. Meanwhile, he’s got 55 houses under construction and five that are complete, all without deals. ... The US supply of new homes relative to sales in June was the highest since the midst of the last crash in 2010. And by early July, buyer traffic to homebuilder websites and sales offices had plunged to the lowest level for the month since 2012, ... "

A chart in the Bloomberg article indicates it will take NINE months to work off the current inventory. Also stated: "They’re also applying for fewer building permits, which for single-family homes fell in June to a two-year low, according to data from the government."

Boom and Bust, IIRC that's known as The American Way.