Rocket Companies Inc. has released an analysis highlighting significant shifts in the Las Vegas housing market. The report, from real estate brokerage Redfin, reveals that the total number of homes for sale in Las Vegas increased by 31% year over year in July, marking the most substantial rise among major U.S. metro areas and surpassing the national average. This surge in supply comes as potential buyers remain hesitant, with pending home sales decreasing by 8.6% and closed sales by 8.5% over the same period. Homes in Las Vegas are taking longer to sell, with the average home spending 55 days on the market, 16 days more than the previous year. The slowdown is attributed to a combination of high supply and declining demand, compounded by the city's reliance on a weakening tourism industry. However, the decline in mortgage rates is offering some relief to buyers, enabling them to secure lower monthly payments. The report also indicates a slight improvement in sales over the summer, with a marginal uptick in buyer interest as rates declined. Consequently, home prices in Las Vegas have started to dip, with the typical home selling for $445,000 in July, down about 1% year over year-the first such decline since September 2023. This shift toward a buyer's market is prompting some potential sellers to reconsider their plans, as they confront the realities of stagnant demand and falling prices.