Las Vegas, NV (KXNT) – The only thing hotter than the upcoming southern Nevada summer might just be local real estate prices.
Las Vegas home prices jumped another $10,000 in the past month, according to a report released Wednesday by Las Vegas Realtors (LVR).
The median price of an existing single-family home in March was $460,000 -- up 26.7% from a year ago. The median price is the price in the middle — half sell for more, and half sell for less.
LVR says that close to one-third of all sales in March were made with cash.
As home prices continue to climb, more people are being priced out of the housing market. State and county officials have been looking for ways to support affordable housing, and Clark County commissioners on Tuesday voted to create a $160 million Community Housing Fund. County officials said there is currently a shortage of more than 85,000 homes for families who make less than $37,500 a year.
“We keep expecting prices to slow down at some point, but it’s not happening yet,” LVR President Brandon Roberts said. “With mortgage interest rates rising recently and the inventory of homes available for sale as low as it has ever been, it’s no surprise that we’re starting to see fewer homes being sold.”
Prices of condos and townhomes also continue to rise, now at a median price of $270,000 -- up 39.2% from $194,000 a year ago, according to LVR.
Home prices have nearly quadrupled from their post-recession bottom of $118,000 in January of 2012, Roberts said. He added there is less than a one-month supply of properties for sale -- "an extremely tight housing supply."