Mortgage rates fell in August, helping new home sales, but borrowing costs have since climbed higher.
Housing
Z Life Co., which built The English Hotel, filed plans for a six-story building with 108 multifamily residential units and 72 “residence hotel” units.
Homebuyers have lost six figures in buying power over the past year, thanks to soaring mortgage rates, according to new research.
The rental complex boasts secure lockers for package deliveries, floor-to-ceiling windows, high-end finishes and, rare for Southern Nevada, underground parking.
The typical rent in the Las Vegas-area last month was just over $1,890, up 8 percent from a year earlier, compared with a 25 percent year-over-year rent hike in August of 2021.
Gov. Steve Sisolak and Clark County Sheriff Joe Lombardo discussed water, affordable housing and development.
Coyote Springs has a golf course and infrastructure but not a single house, and has dealt with bouts of litigation.
U.S. builder sentiment has declined every month this year, and the “housing recession shows no signs of abating,” a trade association reported.
Two Las Vegas developers said they’re encouraged by the recent growth in downtown Las Vegas, adding that there’s several years worth of projects still possible.
Homebuyers are pulling back in Southern Nevada and around the U.S. as higher mortgage rates wipe out the cheap money that fueled America’s unexpected housing boom after the pandemic hit.
The five-story, 290-unit project would feature an indoor golf simulator, a courtyard with hammocks and bocce ball, and units ranging from 600 to 1,346 square feet.
A new report found the median sales price of previously owned single-family homes — the bulk of the market — in Las Vegas was $450,000 in August.
Builders logged 434 net sales in July, the fourth consecutive monthly drop and the lowest since the onset of the pandemic.
The directive was released Wednesday. It came after a Review-Journal story showed residents worried about housing insecurity with plans to end the Neighborhood Stabilization Program.
Las Vegas Mayor Carolyn Goodman cast the lone “no” vote, saying the property needs a park.
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