Las Vegas, NV (KXNT) - Driven by low supply, high demand, and record low interest rates, the median price of an existing single family home hit a new record in July, according to data released Friday by Las Vegas Realtors.
The median price for an existing home sold in Southern Nevada was $405,000 last month, up nearly 23% from the $330,000 median in June of 2020, and tops the previous record of $395,000 set just last June.
"The median affordable price for Southern Nevadans may soon be out of reach," Aldo Martinez, president of Las Vegas Realtors, said in a statement. "As we’ve been saying for months, housing prices are rising faster than incomes here in Southern Nevada, and that seems unsustainable over the long term. Even with mortgage interest rates near all-time lows, we know it’s getting difficult for first-time buyers and working-class families to afford a home."
Though the overall inventory of homes remains low, the number of available homes increased in July, A total of 3,007 houses were on the market without offers at the end of July, up 22.5 percent from June but down 37.4 percent from a year earlier