T
he Las Vegas Valley has seen a significant spike in pending real estate deals falling through, according to a recent report. In January, 17.9% of all pending home sales in the valley failed to close, ranking third highest in the country behind Atlanta and Orlando. This is an increase from last year's rate of 16.4%.

    Realtor Mike Roland notes that even small issues can now derail deals due to economic uncertainty and a growing inventory of homes for sale. Buyers are becoming more selective, and with prices remaining at record highs, they're taking their time to choose wisely.

    Nationally, over 41,000 home purchase agreements fell through in January, representing 14.3% of all homes that went under contract. This is the highest cancellation rate since 2017 and a significant increase from last year's rate.

    Redfin cites three main reasons for the high number of deal cancellations: rising supply and falling demand, economic uncertainty, and sticker shock due to stubbornly high home prices. As housing inventory reaches its highest level since 2020, buyers are increasingly backing out during inspections if they find a better option or fear that prices will drop further.

    In Southern Nevada, the median sale price remains at $485,000, according to the Las Vegas Realtors.