Rising mortgage interest rates put pressure on homebuyers

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LAS VEGAS (KLAS) — The real estate market crisis continues in 2022, breaking records. According to some Las Vegas real estate agents, tight supply and high prices continue.

In January, the median cost of a single-family home was $435,000, a year-over-year increase of $90,000. The median price for condos and townhouses was $243,000, up $50,000 from last year.

At the same time, the future rise in interest rates is making people like Dafne Garcia-Quintero eager to close on a home. Garcia-Quintero hopes to find accommodation within the next two months.

Searching over the past year hasn’t been easy with such low inventory, Garcia-Quintero says so many cash offers beat her, but now the interest rate is another worry. “With the median home sales going up, but also the interest rate going up, you’re looking at so much more than you’re paying monthly, so is it doable now?”

Bankcorp residential lender Daniel Herrara said rates are expected to rise further this spring by around a quarter percent. “We think the feds are going to meet again at the end of March,” Herrara told 8 News Now. “It’s when you see the market everywhere, not just real estate, the whole market is changing.”

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