Thinking of buying a home in 2020? Read this first

The supply of available entry level homes is approaching historic lows, according to Realtor.com. 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) -- Existing Southern Nevada home prices hit an all-time record in June despite the coronavirus pandemic, though fewer homes are selling compared to last year.

Las Vegas Realtors released their June report on Tuesday, stating that despite the pandemic and its resulting economic downturn, the Las Vegas-area housing market is still strong.

“The demise of the housing market due to COVID-19 was highly overrated," LVR President Tom Blanchard said in a statement. "The Las Vegas housing market is alive and well."

LVR reported that the median price of existing single-family homes in Southern Nevada in June was $325,000, topping the previous record of $319,000 set in March. The price is also up 6.9% from June 2019.

Home sales continued to stay low amid the pandemic. LVR said 2,934 existing homes, condos and townhomes were sold in June, down 15.1% for homes and down 35% for condos and townhomes compared to the same time last year.

Blanchard said home supply remains low, with a sales pace equating to a two-month supply of homes in June. LVR said a six-month supply is considered a balanced market.

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

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