LAS VEGAS (FOX5) -- Southern Nevada home prices remain high despite the coronavirus pandemic and its impact on the economy.
According to a report released by Las Vegas Realtors Thursday, the median price of existing single-family homes in Southern Nevada in July was $330,000, up from $303,000 in July 2019. The price sets another all-time record for home prices in Southern Nevada.
Condos and townhomes showed similar trends, with the median price of $196,000 in July, up from $175,000 in July 2019.
“The Las Vegas housing market is not just a bright spot in the economy. It’s on fire,” LVR President Tom Blanchard said in a statement. "Local home prices are at record levels, with historically low interest rates, strong demand and a tight housing supply driving the market. Another factor contributing to these record prices is that higher-priced homes are making up a larger share of the homes being sold right now. After seeing sales slow down when this pandemic hit our state, it’s good to see that we sold more homes last month than we did during the same time last year.”
The supply of for-sale homes remains low, according to LVR. With July's sales, Blanchard estimated less than an two-month supply of for-sale homes. LVR said a six-month home supply is generally considered a balanced market.
LVR reported 4,806 single-family homes for sale without any sort of offer at the end of July, down 38.4% from a year ago. Condos and townhomes without offers sat at 1,581 properties, down 15.2% from 2019.