Inventory slows, big multifamily deal
U.S. housing inventory’s usual seasonal rise is now 'significantly decelerated' according to a market short, and separately The Bascom Group bought The Ellison, a newly built 294-unit Class A apartment community in Las Vegas, for $103 million—about $350,340 per unit. (wellsfundinggroup.com) (wingerdaily.com)
The spring inventory build in the United States housing market is slowing, even as a $103 million Las Vegas apartment sale shows investors still betting on rental housing. (housingwire.com) HousingWire reported in January that active inventory growth had slowed to 10.0% year over year, down from 33% at one point in 2025, and that new listings for the week ending January 9 totaled 39,007, down 12.6% from a year earlier. (housingwire.com) Federal Reserve Bank of St. Louis data, sourced from Realtor.com, put U.S. active listings at 964,477 in March 2026, with the next update due April 30. Realtor.com’s weekly research page shows fresh weekly market updates through April 9, 2026, tracking inventory, new listings and price trends. (fred.stlouisfed.org) (realtor.com) In Las Vegas, The Bascom Group said on April 13 that it bought The Ellison, a 294-unit apartment community at 9235 West Russell Road, for $103 million, or about $350,000 per unit. RENTV said the property sits in the Summerlin and Spring Valley submarket and was completed in 2024. (rentv.com) (einnews.com) The Ellison has studio, one-bedroom and two-bedroom units averaging 901 square feet, according to RENTV, and developer LandSpire Group describes the project as a 294-unit multifamily development on more than 3.2 acres near Summerlin. (rentv.com) (landspiregroup.com) The project rose on the former footprint of an unfinished condominium tower at The Gramercy, a site that Las Vegas Review-Journal said was imploded in February 2015 after the real estate crash left it stalled. The newspaper reported in February 2025 that the replacement project had become an upscale apartment complex with a rooftop pool and other amenities. (reviewjournal.com) Bascom’s purchase lands as the for-sale housing market is adding supply more slowly than it did in 2025, while newly built rental properties are still changing hands at nine-figure prices in growth corridors off Interstate 215. (housingwire.com) (rentv.com) The common thread is scarcity showing up in different forms: fewer fresh homes hitting the market nationally, and institutional buyers targeting new apartments in submarkets they expect to keep filling up. (housingwire.com) (einnews.com)
