Latest news with #LasVegasValley
Yahoo
13-07-2025
- Business
- Yahoo
Las Vegas Struggles With A Record $7 Billion Worth Of Homes On The Market
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Las Vegas is famous for its hot temperatures, but the city's real estate market has gone ice cold. The Las Vegas Review-Journal recently reported that a record $7 billion worth of homes are currently for sale in the Las Vegas valley. According to the newspaper, housing data from Redfin (NASDAQ:RDFN), paints a picture of a real estate market experiencing a sharp correction. The Review-Journal used Multiple Listing Service data to show that the median price of the homes sold in the Las Vegas valley was $480,000 in May. That's not too far from the all-time high of $485,000. Ironically, that high price point may be part of why the market is slowing down. For much of the past several decades, the major appeal of Las Vegas real estate has been affordability. Don't Miss: Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here's , starting today. $100k+ in investable assets? – no cost, no obligation. Those low prices lured frustrated home buyers who were frozen out of California's most expensive markets. They combined with low interest rates to make Las Vegas a very dynamic market for the last several decades. Las Vegas became one of the hottest real estate markets in the U.S. sunbelt, and property appreciation followed. Even now, a median sale price of $480,000 is only about $40,000 more than Redfin's national median sale price of $440,913. However, higher interest rates have changed the equation for many buyers. "If rates ever come down again, sales will pick up. I just pulled an inventory report, and we are at almost four months of inventory on the resale side of the market," ReMax Legacy agent Dale Jones told the Review-Journal. "So, while still a seller's market, they are worried because their home is not selling as quickly anymore." Jones also voiced concerns that the Las Vegas Valley could be turning into a buyer's market because. He told the Review-Journal that "regular buyers" are increasingly being replaced by bargain-hunting investors with deep pockets. Some of that is certainly attributable to the interest rates, but there is another aspect of the equation that no one in Las Vegas saw coming: growing consumer unease with the economy. Trending: It's no wonder Jeff Bezos holds over $250 million in art — President Donald Trump's economic policies have pushed the dollar to a three-year low and dented consumer confidence. Numerous economic indicators are pointing towards a looming recession. Worries about how Trump's tariffs will affect the economy and high interest rates are clearly taking a toll on Las Vegas' real estate market. "If you're buying or selling a home right now, you've probably noticed something, it's a challenging market," Las Vegas area mortgage advisor Matt Hennessey told the Review-Journal. "Mortgage rates are still elevated, causing homes to sit on the market longer. When that happens, many buyers and sellers jump to one conclusion, price reduction. But here's the thing, dropping the price doesn't fix the biggest problem buyers are facing right now, monthly home affordability." Mortgage lenders usually require buyers to earn three times the total payment to qualify for a loan. Elevated interest rates and Las Vegas' $480,000 median sale price are proving to be high hurdles. Jones thinks that could open the door for speculators. "Time for the sharks to start circling, there is blood in the water again, and sellers are scared. We will see the rise in bulk purchasing investors again soon," he said. Read Next: In terms of getting money back, . Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . Image: Shutterstock This article Las Vegas Struggles With A Record $7 Billion Worth Of Homes On The Market originally appeared on Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
08-07-2025
- Yahoo
1 in custody after west Las Vegas valley shooting
LAS VEGAS (KLAS) — Police took a person into custody after a shooting in the west Las Vegas valley. On Monday, around 3:30 p.m., police responded to the 7400 block of Saybrook Point Drive near Vegas Drive and Tenaya Way after a report of a man who was shot. One person was taken for medical treatment, and the suspect was taken into custody. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
02-07-2025
- Climate
- Yahoo
Over 33K customers without power, nearly 50 power poles damaged as Las Vegas valley sees high winds
LAS VEGAS (KLAS) — Over 33,000 NV Energy customers were without power, nearly 50 power poles were damaged, flights leaving Las Vegas were delayed, and a dust storm warning was issued after wind gusts reaching 70 mph were reported in the Las Vegas valley Tuesday. Wild Las Vegas storm leaves trail of damage across valley, evacuation center open At 3:30 p.m., the National Weather Service Las Vegas reported that gusts of 65 to 70 mph in the far southern parts of the valley. A severe thunderstorm warning for the Las Vegas valley was extended to 3:45 p.m. Tuesday. A dust storm warning was put into effect around 4 p.m. until 5 p.m. Residents were told to be prepared for zero visibility. For those driving when visibility drops, pull far off the road and put your vehicle in park. Turn the lights off and keep your foot off the brake. Infants, the elderly, and those with respiratory issues are urged to take precautions. Clark County's Division of Air Quality issued a dust alert for Tuesday after the dust storm warning. Under windy conditions, people with heart or lung disease, older adults, and children may feel better staying indoors as much as possible because they could be at greater risk from particulates, especially when they are physically active, according to the U.S. Environmental Protection Agency. Video from an 8 News Now viewer inside a plane on the tarmac at Harry Reid International Airport showed dust surrounding the plane as winds picked up. Over 33,000 NV Energy customers were without power early Tuesday evening due the sudden and severe windstorm, according the NV Energy. Those affected by the power outages can click here for outage resources. As of 7 p.m., there were about 272 outages, 20,485 customers without power and nearly 50 power poles were damaged by the wind and will need to be replaced. As they are able, crews will isolate the outages to the smallest number of customers possible while they make repairs, according to NV Energy. As of 11 p.m., there were around 10,000 customers without power, according to NV Energy's website. The outages were caused primarily by severe winds, according to NV Energy. 'While our teams will work to restore power as quickly and safely as possible, the damage is significant and will take time to restore. Our teams will continue to work throughout the evening and in the coming days to make necessary repairs,' an NV Energy representative said. Customers are encouraged to sign up for outage alerts in MyAccount for additional updates. Power lines were seen down near Eastern and Sahara avenues Tuesday around 3 p.m., where all eastbound lanes were closed due to poles either in the street or leaning toward the street. Shortly before 7 p.m. Las Vegas Metro police reported that officers were also on scene near Tropicana Avenue and Pecos Road after multiple downed power poles and lines were found in the road. Drivers were asked to avoid the area and find alternate routes. RTC Southern Nevada also reported power lines down on Flamingo Road at Burnham Avenue. Flights going out of the Las Vegas valley saw delays between an hour and one minute and an hour and 15 minutes due to the wind, according to the Federal Aviation Administration. 8 News Now viewers reported damage from the wind, including fallen light poles, downed power poles and overturned tents. If you have any photos of the wind or downed power lines from Tuesday, you can send them to pix@ This is an ongoing story. Stay with 8 News Now for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
02-07-2025
- Climate
- Yahoo
Over 33K customers without power, flights delayed; dust storm warning issued as Las Vegas valley sees high winds
LAS VEGAS (KLAS) — Over 33,000 NV Energy customers were without power, flights leaving Las Vegas were delayed, and a dust storm warning was issued after wind gusts reaching 70 mph were reported in the Las Vegas valley. At 3:30 p.m., the National Weather Service Las Vegas reported that gusts of 65 to 70 mph in the far southern parts of the valley. A severe thunderstorm warning for the Las Vegas valley was extended to 3:45 p.m. Tuesday. A dust storm warning was put into effect around 4 p.m. until 5 p.m. Residents were told to be prepared for zero visibility. For those driving when visibility drops, pull far off the road and put your vehicle in park. Turn the lights off and keep your foot off the brake. Infants, the elderly, and those with respiratory issues are urged to take precautions. Clark County's Division of Air Quality issued a dust alert for Tuesday after the dust storm warning. Under windy conditions, people with heart or lung disease, older adults, and children may feel better staying indoors as much as possible because they could be at greater risk from particulates, especially when they are physically active, according to the U.S. Environmental Protection Agency. Video from an 8 News Now viewer inside a plane on the tarmac at Harry Reid International Airport showed dust surrounding the plane as winds picked up. Over 33,000 NV Energy customers were without power Tuesday afternoon due to high winds, according the NV Energy. Those affected by the power outages can click here for outage resources. NV Energy released a statement saying, 'We have a number of crews working throughout the valley on multiple outages. Our crews are working to restore power as quickly and safely as possible. The outage map will have up-to-date information as we learn more.' Around six power lines were seen down near Eastern and Sahara avenues Tuesday around 3 p.m., where all eastbound lanes were closed due to poles either in the street or leaning toward the street. Poles were also seen down near Tropicana Avenue and Pecos Road. The reason why the poles went down is unclear at this time. Flights going out of the Las Vegas valley saw delays between an hour and one minute and an hour and 15 minutes due to the wind, according to the Federal Aviation Administration. 8 News Now viewers reported damage from the wind, including fallen light poles and overturned tents. If you have any photos of the wind or downed power lines from Tuesday, you can send them to pix@ This is an ongoing story. Stay with 8 News Now for updates. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18-06-2025
- Yahoo
Las Vegas neighborhood files lawsuit over controversial homeless project
LAS VEGAS (KLAS) — A quiet suburban neighborhood in Las Vegas is now at the center of a major legal battle. Residents have filed a lawsuit against the State of Nevada over the planned construction of the $200 million 'Campus of Hope,' a large-scale shelter and service hub for homeless individuals that's slated to be built in the heart of their long-established community. The proposed site would be in the 6100 block of West Charleston Boulevard near Jones Boulevard. The lawsuit, filed this week in Clark County District Court, accuses state officials of violating Nevada's Open Meeting Law (NRS Chapter 241) by approving the project without providing proper notice or allowing public comment. 'I have a question for the governor, the Strip and the casinos are giving hundreds of millions of dollars for this project, and you're going to move these people off the Strip to this area?' homeowner Gail Johnson asked. Homeowners said the facility's proposed location, just blocks from single-family homes that have been owned by Las Vegas families for generations, threatens to permanently alter the fabric of the neighborhood. The complaint alleges that not even the basic procedural requirements for a fast-food restaurant were followed, let alone the far more rigorous processes expected for a multimillion-dollar government development. The residents argue that the state's actions have created what they call an 'incurable defect' in the approval process, a breakdown in policy and protocol that cannot be corrected retroactively. 'That was my biggest concern is why are they trying to push this $200 million project so secretly into the neighborhood?' homeowner Matthew Wambolt added. The lawsuit also claims the state failed to conduct any of the environmental, traffic, or impact studies that are typically required for a project of this scale. Residents fear the facility, designed to include housing, mental health services, and addiction treatment programs, will bring increased traffic, safety concerns, and decreased property values. Attorneys representing the neighborhood said the Campus of Hope project has officially been served with a lawsuit and now has 60 to 90 days to respond under state law. As of publication, state officials have not yet issued a public statement in response to the allegations. As legal proceedings move forward, residents said they'll continue to fight, not just to preserve their neighborhood, but to demand transparency and accountability from their government. A spokesperson from Campus of Hope sent the following statement: 'The process for developing a true comprehensive solution to homelessness in Nevada has been a long time in coming. It began in 2023, when the legislature passed a bill (AB528) to address the issue and continued up to last January when non-profit Campus for Hope applied and was selected via an open process. Throughout the application, approval, and implementation of the project enabled under the legislation, Campus for Hope leadership has met all the state and local requirements for the construction of the facility. We will continue to meet all those requirements, without exception. Campus for Hope is a partner to the community in which it is being constructed. We have held meetings, met with local businesses and nonprofits, and will continue to do so. Similar services have been offered on this very site since the 1960s, but those services have not been comprehensive solutions, and we all know the result. Campus for Hope knows creating a comprehensive solution to homelessness is hard. We also know it is no longer optional. All of us see the problem on our streets and in our neighborhoods every single day. The unhoused in our community deserve and need us all to do better, and we are here to make it, finally and comprehensively, happen.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
