Local housing prices set record, despite fewer homes sold

Local News

LAS VEGAS (KLAS) — Although fewer homes were sold in August, those homes sold for record high prices.

According to a report released by Las Vegas REALTORS, the median sales price of a single-family home sold in August was $335,000, up 9.8% from August 2019 when the median price was $305,000. The report said the housing market continues to benefit from strong demand and historically low mortgage interest rates.

When it came to townhomes and condos, those sold for a median price of $185,000 in August. While that is down from the previous month, it is still up 4.5% from August 2019.

Almost 3,600 homes, condos and townhomes were sold in August which was down 8.1% 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,” said 2020 LVR President Tom Blanchard.

LVR also reports a limited number of existing homes — 4,639 — available for sale which is creating a housing shortage.

In August, three-quarters of all single-family homes, condos and townhouses were sold within 60 days of listing.

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