Thinking of buying a home in 2020? Read this first

The supply of available entry level homes is approaching historic lows, according to Annual median real estate prices are expected to continue to climb by 3.6%, according to a group of economists surveyed by the National Association of Realtors.

LAS VEGAS (FOX5) -- Southern Nevada home prices set another all-time record, though fewer homes are being sold.

Despite the coronavirus pandemic, Las Vegas Realtors released a report Wednesday showing the median price of existing single-family homes sold in Southern Nevada in August was $335,000. According to LVR, that surpasses the record of $315,000 set in June 2006 before the housing market crash and is up 9.8% from August 2019.

The median price for local condos and townhomes was $185,000 in August, down from the previous month but still up from August 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,” LVR President Tom Blanchard said in a statement.

Blanchard said the local housing market has benefited from strong demand and low mortgage interest rates. LVR said the housing market was on solid footing when Nevada declared a state of emergency due to the coronavirus pandemic.

Fewer homes are selling, however. LVR said 3,594 existing homes, condos and townhomes were sold in August in Southern Nevada, down 8.1% for homes and 10.8% for condos and townhomes compared to August 2019.

Blanchard said the supply of local homes remains below the six-month supply considered to be a balanced market.

Due to Gov. Steve Sisolak's extension of the eviction moratorium, LVR anticipates distressed sales and foreclosures to remain low. In August, short sales and foreclosures combined for just 1.2% of all sales, down from 2.1% of all sales a year ago.

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


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