LAS VEGAS (KLAS) — Prices for homes in Southern Nevada set another record for the sixth straight month.

According to a report released by Las Vegas REALTORS, an existing single-family home sold in November for a median prices of $345,000, up 12.4% from the same month last year. Also, the median sales price for condos and townhouses was $199,700, up 14.1% from the previous year.

“Like other places around the country, we’re seeing multiple offers on properties listed for sale,”
said 2020 LVR President Tom Blanchard. “The supply of available homes is very low, and demand is high. I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving. We can easily absorb three or four times the current available inventory without tilting the scales of meeting our current demand for housing here in Southern Nevada.”

By the end of November, there were 3,756 homes listed for sale, which is down 42.5% from a year ago. The number of local homes available is below the six-month supply considered to be a balanced market.