Home sales jumped nearly 21% in June

A house for sale sign is seen in Arlington, Virginia on May 6, 2020.

LAS VEGAS (FOX5) -- Home prices in the Las Vegas Valley continued to break records last month amid a short supply of homes and the ongoing coronavirus pandemic.

Las Vegas Realtors released a report Tuesday. The median price of existing single-family homes sold in Southern Nevada in September was $337,250, up 8.8% from $310,000 in Sept. 2019, a new all-time record.

Condos and townhomes sold for a median price of $195,500 in September, up 14.3% from Sept. 2019.

“Local home prices keep setting records, which is really remarkable when you think about all the challenges we’re facing,” 2020 LVR President Tom Blanchard said. “The pause during the beginning of the pandemic seems to have pushed the traditional summer sales season into the fall. We’ll see if we can sustain this momentum heading into next year. We’re also dealing with a housing shortage, with no signs of that changing anytime soon.”

Blanchard said a recent order from Gov. Steve Sisolak allowing open houses could lead to even more activity in the housing market.

LVR said 3,996 existing local homes, condos and townhomes were sold in September, up 18.9% for homes and up 6.8% for condos and townhomes from the same time last year.

Housing supply remains low, according to LVR. Blanchard said there's about a two month supply of homes on the market when a balanced market is generally considered to be a six month supply.

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

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(1) comment

qwerty123

As soon as the eviction moratorium ends, this housing bubble is going to burst as supply will flood the market.

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