Homes are under construction in 2024 near Las Vegas, with a view of the Spring Mountains. Home sales dropped 16% in the area in August, and plunging sales have led to unemployment claims by construction workers. (Photo by Tim Henderson/Stateline)
Home sales closings dropped in August and remain well below pre-pandemic levels as high prices and interest rates weighed on the market, according to an analysis this week by the Calculated Risk blog.
Home sales are on track for the worst year in decades, matching the 4 million annual sales in 1995, according to a separate realtor.com report Sept. 25.
Closed sales were down 1.8% nationally compared with August 2024, with the largest decreases in Las Vegas (down 16%), San Diego, California (down 10%), Grand Rapids, Michigan (down 9.5%), and Jacksonville, Florida (down 9.4%). Nationally, closed sales are down 27% since 2019.
Nevada is seeing more unemployment claims by construction laborers, carpenters and electricians in the Las Vegas area as home sales drop.
Bucking the trend were cities including Houston (up 12%); Des Moines, Iowa (up 9%), and Phoenix (up 4%), as well as the states of Indiana (up 7%) and Louisiana (up 5%).
September sales should be up from 2024 because interest rates declined slightly, according to a statement from the Calculated Risk blog. August prices rose 2% compared with 2024. Home sales for September are scheduled for release Oct. 23 by the National Association of Realtors.
Stateline reporter Tim Henderson can be reached at thenderson@stateline.org.