These Mid-Pandemic Homebuying Hotspots Are Slowing at the Start of 2023
Once red-hot housing markets like Denver and Las Vegas are now characterized by slowing sales and stagnant price growth in the midst of a market correction
Jan. 9, 2023
Image: Stock.adobe.com
After posting steady growth throughout the pandemic, markets such as Denver, Las Vegas, and San Diego saw unchanged median sales prices in December, while active inventory rose from 38% year-over-year in January to 138% year-over-year in December, according to the CalculatedRisk Newsletter.
Despite a sharp uptick in available housing supply, sales in these markets were down 47.6% in December. Still, a slower 2023 market could cause prices to normalize and result in rebounding buyer activity.
Median sales prices were unchanged year-over-year in Denver and Las Vegas, and up 2% in San Diego.
Inventory in these markets were down 38% YoY in January and are now up 138% YoY! So, this is a significant change from earlier in 2022, and about the same YoY inventory increase as in November (up 144% YoY).
