Rising mortgage interest rates put the squeeze on homebuyers

LAS VEGAS (KLAS) — The housing market crunch continues in 2022 by shattering records. According to some Las Vegas realtors, tight supply and high prices continue.

In January, the median cost of a single family home was $435,000, an increase of $90,000 in one year. The median price of condos and townhomes was $243,000 which is up $50,000 since last year.

At the same time, future rising interest rates are making people like Dafne Garcia-Quintero anxious to close on a house. Garcia-Quintero hopes to find a home within the next two months.

The search over the past year has not been easy with such low inventory, Garcia-Quintero says so many cash offers were beating her out but now the interest rate is another worry. “With the median of the houses selling going up but also like the interest rate going up you are looking at so much more you are paying monthly, so now is it feasible?”

Residential Bankcorp lendor Daniel Herrara says rates are expected to go up again this spring about a quarter percent. “We figure the feds are going to meet again at the end of march,” Herrara told 8 News Now. “That is when you see the market all over the place, not just real estate, the entire market shifts.”

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