How long can Las Vegas’ sizzling housing boom last?

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Almost any way you slice it, Las Vegas’ housing market is white-hot.

Homes are selling rapidly, prices are reaching all-time highs every month, and rents are skyrocketing. People are in a frenzy for housing, sparking affordability concerns and prompting more buyers than usual in the valley to look for homes in rural, less expensive Pahrump some 60 miles away.

So, how long can the hot streak last, and how will it all end?

Short answer: Who knows?

Housing markets are always prone to ups and downs, especially in Las Vegas, and no boom lasts forever. But tumbling sales totals this spring were later reversed, and overall, the market is still flooring it, thanks largely to a prolonged period of cheap money that has let buyers stretch their budgets.

All told, Las Vegas-area homes are selling for nearly 42 percent over long-term trends, making it the ninth-most overvalued market in the nation, according to a new report from professors at Florida…

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