Ep #66 1/2 - How long will Las Vegas Homes see price reductions?

Home prices have risen dramatically in the pandemic, as white-collar workers whose finances didn’t suffer in the crisis competed for homes with more space as mortgage rates fell to record lows. The cost of goods involved in residential construction, including energy, has also increased 14.5 percent so far in 2021, more than eight times faster than over the first 10 months of last year, according to the National Association of Home Builders. The double-digit increase in home prices has prevented people from buying their first home, and so more are renting. There are 1 million more renter households today than there were at the end of the second quarter of 2020, according to Realtors data. The number of renters will likely continue to rise as more people return to cities to take advantage of the recovering job outlook, said National Association of Realtors chief economist Lawrence Yun, noting that people who doubled up with friends or lived in their parents’ basements during the crisis are now adding to rental demand. ________________________ HOSTED BY: Dan French Realtor | Key Realty LLC License # S.0193843 9890 S Maryland Parkway Las Vegas, NV 89183 702-557-6176 https://www.lvhomeprofessionals.com Follow Us on Social Media! Instagram: https://www.instagram.com/danfrenchlv/ Facebook: https://www.facebook.com/TheMarketSna... Twitter: https://twitter.com/AskDanFrench