Vegas home prices set another new record

Median price is 20% higher than last year at this time
A home that was for sale is now off the market
Home sold Photo credit Feverpitched/Getty Images

Las Vegas, NV (AP) — Home prices in the Las Vegas area are setting monthly records, according to an industry survey that found the median price of existing single-family houses was $375,000 in April.

A report released Thursday by the organization Las Vegas Realtors said local home prices have never been higher and the housing supply has rarely, if ever, been tighter.

LVR President Aldo Martinez said statistics benefitted from a comparison with last year, when the Las Vegas housing market was hit hard and the coronavirus pandemic took hold.

April’s median home price was up 3.3% from March and up 21% from $310,000 a year ago.

Analysts say out-of-state buyers are boosting the Nevada market; almost 28% of all purchases last month were for cash; and homes are selling faster than in previous years.

Cash sales were more than double the 13% in April 2020, while 89% of existing homes and 86% of condominiums and townhomes sold within 60 days.

The association reports that only about 1,800 houses were on the market without offers at the end of the month. That was up 3.1% from March but down almost 70% year-over-year.

Featured Image Photo Credit: Feverpitched/Getty Images