Nevada economists forecast positive outlook for economy, even as national recession fears loom

As for why the housing market may experience a downturn, Andrew Woods, the director of CBER, pointed to the rapid rise in home prices following the brief pandemic recession.

“You should remember housing prices between 2020 and 2022 went up first 27 percent, and then they went up 17 percent,” Woods said during the Outlook presentation. “That’s pretty incredible. So the model’s looking at that and saying, ‘That’s maybe not sustainable for the moment and there’s a little bit of a correction.”