New data published by the Greater Las Vegas Association of Realtors shows 10,000 single-family homes were on the market and by the end of November, 7,000 of those homes had zero offers, up 54% compared to 2017 and the highest number of homes in Las Vegas Valley to not get a bid in more than two years……………….

 

This year’s housing market slowdown has hit the hottest markets like San Diego, San Francisco, Seattle, Denver, and New York City.

The slowdown is now spreading into less expensive markets—Tampa, Philadelphia, Phoenix, and Las Vegas.

Las Vegas was “the poster child of the housing crash in 2008,” said Vivek Sah, director of the LIED Institute for Real Estate Studies at the University of Nevada, Las Vegas.

“There are some buyers who are not pulling the trigger because of that.”

The deceleration in less expensive housing markets like Las Vegas, suggests that the slowdown is now broad base and the entire US economy is headed for trouble in 2019.

Reprinted from Zero Hedge 12/17/18