Home prices in Southern Nevada are 'cooling down'

(File/FOX5)

LAS VEGAS (FOX5) -- A Southern Nevada housing record was set in March despite the onset of the coronavirus pandemic, according to a report released Tuesday by Las Vegas Realtors.

The median price of existing single-family homes sold in Southern Nevada in March was $319,000, up from $300,000 in March 2019, LVR said. The median price of condos and townhomes sold in March was $185,000.

“As much as these numbers appear to be a surprise, it goes to show you that the impact on our housing market and economy may trail by a month or two,” LVR president Tom Blanchard said in a statement. “What really is surprising is that even with 2,542 escrows that were cancelled during March of 2020 (compared to 1,310 escrows cancelled in March of 2019), our overall sales went up.

"It goes to show you how good our market has been," Blanchard continued. "I would expect that we will be seeing different numbers in the coming months as this virus affects the pipeline of sales."

Median home prices had broken their all-time record in February at $316,000.

The median price of existing single-family homes sold hit a post-recession bottom of $118,000 in January 2012, LVR said.

Copyright 2020 KVVU (KVVU Broadcasting Corporation). All rights reserved.

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