Southern Nevada home prices set record for 6th straight month
Southern Nevada’s housing market continues to avoid the coronavirus-fueled downturn experienced by other industries like gaming and tourism.
A report released Tuesday by Las Vegas Realtors shows that local home prices rose again in November, setting another record in a six-month streak of rising home prices.
The median price of existing single-family homes in Southern Nevada last month was $345,000, up 1.4 percent from October and up 12.4 percent year over year.
Meanwhile, condominiums and townhomes sold for a median price of $199,700, a double-digit jump of 14.1 percent compared with the median price in the same period last year.
Las Vegas Realtors president and broker for Signature Real Estate Group Tom Blanchard said low mortgage interest rates are contributing to more home sales and record prices. That may be great news for sellers, but it’s making it tougher on buyers looking for their perfect home.
Supply low, demand high
“The supply of available homes is very low, and demand is high,” said Blanchard. “I hope the new year will bring some additional inventory as local homeowners start to feel more comfortable moving.”
The number of available single-family homes for sale without offers dropped 42.5 percent to 3,756 from one year ago, according to the report. There were 1,288 condos and townhomes listed for sale without an offer last month, a 24.7 decline from a year ago.
Blanchard pointed out that Las Vegas is trending tightly with the national housing market: low inventory and rising prices.
National Association of Realtors chief economist Lawrence Yun said both available inventory and mortgage rates are at historic lows, pushing prices higher.
“The combination of these factors — scarce housing and low rates — plus very strong demand has pushed home prices to levels that are making it difficult to save for a down payment, particularly among first-time buyers, who don’t have the luxury of using housing equity from a sale to use as a down payment,” Yun said in a press release. “Work-from-home flexibility has also increased the demand for both primary and secondary homes.”
This story has been updated to correct Tom Blanchard’s employer.
Contact Subrina Hudson at shudson@reviewjournal.com or 702-383-0340. Follow @SubrinaH on Twitter.