LAS VEGAS, NV (KXNT) - A report released Wednesday by Las Vegas REALTORS® (LVR) shows local home prices setting another all-time record despite the coronavirus pandemic, though fewer homes sold in August than during the same time last year.
LVR (formerly known as the Greater Las Vegas Association of REALTORS®) reported that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during August was $335,000. That’s up 9.8% from $305,000 during the same month last year.
Local condos and townhomes sold for a median price of $185,000 in August. Although that’s down from the previous month, prices for existing local condos and townhomes were still up 4.5% from $177,000 in August of 2019.
“The Las Vegas housing market continues to defy expectations, though we’re not sure how long this momentum will last as we continue to deal with this pandemic and accompanying economic downturn,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR.
LVR reported a total of 3,594 existing local homes, condos and townhomes were sold during August. Compared to the same time last year, August sales were down 8.1% for homes and down 10.8% for condos and townhomes.
Blanchard said the local housing market continues to benefit from strong demand and historically low mortgage interest rates. It also helps that the local housing market was on solid footing when Nevada declared a state of emergency in March. At the time, local home sales were running ahead of last year’s pace and existing local home prices had just surpassed their longstanding record of $315,000 set back in June of 2006.
According to LVR, the median price of existing single-family homes sold in Southern Nevada hit a post-recession bottom of $118,000 in January of 2012 before rebounding steadily since then.
Blanchard said the number of local homes available for sale remains well below the six-month supply considered to be a balanced market. In fact, he said the sales pace in August equates to less than a two-month supply of homes available for sale, creating a local housing shortage.