Las Vegas Inventory Hits Record High as Buyer Demand Sinks—but One Surprising Segment Defies the Slump 

Housing inventory in Las Vegas surged to an all-time high in October as high mortgage rates priced out everyday buyers, yet the luxury tier of the local market continued to outperform.Active listings in Nevada's largest metro jumped nearly 10% year over year, reaching 11,447 units—the highest level on record for Realtor.com® data going back to July 2016, according to the October housing market report.Tania Jhayem, a real estate agent at Keller Williams The Marketplace's luxury division in Las Vegas, says that mortgage rates exceeding 7% and broader affordability headwinds have encouraged buyers to be far more selective."After several years of an extremely competitive housing market, we're seeing a shift toward more balanced conditions, where buyers have additional choices and sellers are adjusting to a different pace," Jhayem tells Realtor.com.New listings—a measure of fresh homes hitting the market—plunged 10.5% compared to last year, further underscoring a wider market cooldown. Realtor.com senior economist Jake Krimmel notes that new listings accounted for less than a quarter of the overall inventory in October compared to 30.4% a year ago. The result is an inventory that is gro...