Home sales cancellations have been on the rise across the U.S., with Las Vegas experiencing a particularly high rate of nixed deals. In April, around 56,000 home-purchase agreements were canceled nationwide, representing 14.3% of homes that were under contract, as reported by Redfin. This cancellation rate has increased from 13.5% the previous year.
Las Vegas was ranked 8th in the country for cancellation rates at 18.6%, while Atlanta led with a 20% cancellation rate. Several factors contribute to this trend, including economic and political uncertainties, increased housing inventory offering more choices to buyers, and high mortgage rates and home prices causing sticker shock.
In Southern Nevada, real estate dynamics show declining resales, rising prices, and a significant increase in available inventory. In April, buyers purchased 2,174 previously owned single-family homes, marking a 7.1% decrease from the same time last year, while the median price rose to $480,000. Additionally, there were 6,213 homes on the market without offers by the end of April, a 78.7% increase compared to the previous year.
Las Vegas’ housing market has a history of volatility, influenced by its transient population, tourism-dependent economy, and a pattern of rapid price increases followed by sharp declines. These characteristics have contributed to the city’s consistently higher-than-average sales cancellation rates since at least 2017.
