LAS VEGAS (KLAS) -- The number of Las Vegas valley houses for sale rose 31% year over year in July, signaling the biggest increase of any major U.S. city and roughly triple the national increase, according to the latest data released by Redfin.

Although the housing inventory is growing, would-be buyers aren't in a hurry to make a purchase. Redfin data shows pending home sales fell 8.6%, and closed sales dropped 8.5% during the same period. It's also taking around 55 days to sell a home, 16 days longer than a year ago.

“Las Vegas is feeling the effects of affordability pressures and elevated mortgage rates more acutely than many other markets, partly because the city’s economy is dependent on a slowing tourism industry,” said Chen Zhoa, Redfin’s head of economics research.

With the housi

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