LAS VEGAS (KLAS) — For the second month in a row, housing prices reached a record high amid the COVID-19 pandemic, according to a new report.
Despite much of the local economy coming to a halt, the median price of an existing single-family home sold in July was $330,000, up 1.5% from the previous record set in June and the median price is up 8.9% from July 2019, according to Las Vegas REALTORS.
“The Las Vegas housing market is not just a bright spot in the economy. It’s on fire,” said 2020 LVR President Tom Blanchard. “Local home prices are at record levels, with historically low interest rates, strong demand and a tight housing supply driving the market.”
More than 3,300 homes were sold in July with a continuing demand. Blanchard said there is a two-month supply of homes available for sale which is well below the six-month supply considered to be a balanced market.
Townhome and condominum prices did not set a monthly record with a median sales price of $196,000 but is still a 12% increase from July 2019.
LVR reports that nearly 17% of the homes sold were cash sales.