18% of Las Vegas home deals fell through in April — but is it a sign the market is turning in buyers' favor?
Home buyers in Las Vegas are walking away from contracts in increasing numbers.
High interest rates, financial anxiety and an oversupplied market are pushing many to rethink their purchases before closing.
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A recent Redfin report found 14.3% of U.S. homes under contract in April were canceled, marking the second-highest April cancellation rate on record, behind only the pandemic-era spike in April 2020.
In Las Vegas, the rate was even higher: 18.6% of purchase agreements fell through, placing the city eighth among major U.S. metros for canceled deals.
Here are two of the main reasons for the growing trend.
Higher mortgage rates and skyrocketing home prices are driving many to the brink. The average 30-year fixed mortgage rate hit 6.85% in June, more than double what it was during pandemic lows. That kind of increase can add hundreds — even thousands — to monthly payments when taxes and insurance are included.
'Groceries have been high, gas has been high, utilities have been high,' said Jillian Batchelor, a Southern Nevada realtor, in an interview with 8 News Now. 'So buyers are more payment-conscious or payment-savvy than they really ever have been.'
And with inflation still weighing on American households, some prospective buyers are having trouble securing final approval. Others are rethinking whether they can afford the total cost once they see the final numbers — including homeowners association (HOA) fees and insurance premiums.
Redfin agents nationwide are also seeing buyers hesitate due to broader economic and political instability — including layoffs, tariffs and federal policy uncertainty. Another recent Redfin survey found that nearly 1 in 4 Americans scrapped plans for a major purchase this year due to tariffs.
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The housing market in Las Vegas is also experiencing a surge in listings.
'[A] buyer goes under contract,' Batchelor told 8 News Now. 'And all of a sudden a week later they see, 'oh there's five more homes available in that neighborhood, this one might be nicer, this one might have more upgrades.''
With inventory now at a five-year high nationally, according to Redfin, this scenario is becoming increasingly common — especially in states like Nevada, Texas and Florida, where new home construction has surged.
Buyers feel less pressure to settle, knowing there may be better deals just around the corner.
That confidence is reshaping buyer behavior. According to Redfin's report, five of the 10 metros with the highest cancellation rates are in Florida — which is a sign that growing supply can tip the scales in favor of consumers.
While Las Vegas may be an extreme case, the underlying issues — affordability and market saturation — are national in scope.
From Riverside, California to Atlanta, Georgia (which led the country with a 20% contract cancellation rate), buyers are hitting the brakes.
This shift may suggest that while the housing market may be cooling, affordability is still out of reach for many Americans.
Still, Redfin economists predict some relief later in 2025, with home prices expected to drop modestly as demand softens. In the meantime, buyers are urged to do their research, stay flexible and be ready to walk if the numbers don't add up.
As Batchelor put it, 'All of this is just an adjustment to probably (…) equalize the playing field — maybe a little bit more.'
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