Las Vegas Housing Supply Rises 31% As Demand Stumbles, Pushing Sale Prices Down Slightly
(NASDAQ:RDFN) SEATTLE--(BUSINESS WIRE)-- #housingmarket--The total number of homes for sale in Las Vegas rose 31% year over year in July, the biggest increase of any major U.S. metro area and roughly triple the national increase. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. That marks a year straight of 20%-plus inventory increases for Las Vegas. Supply is piling up in Las Vegas because would-be homebuyers are sitting on the sidelines. Pending home sales fell 8.6% year over year
Related Questions
How will the 31% YoY increase in Las Vegas inventory and the 8.6% drop in pending sales impact Redfin’s transaction volume and revenue outlook?
Is this inventory surge in Las Vegas indicative of a broader softening in the U.S. housing market that could affect Redfin’s performance in other high‑growth metros?
What are the near‑term implications for Redfin’s valuation multiples and guidance, considering the pressure on sale prices and potential need for higher marketing spend to clear excess inventory?