LVR: Las Vegas-area housing prices drop as market responds to pandemic

Posted at 8:55 AM, May 06, 2020
and last updated 2020-05-06 12:36:46-04

LAS VEGAS (KTNV) — Housing prices in Southern Nevada dropped in April, just one month after an all-time record high in March, according to the Las Vegas REALTORS (LVR).

The realtor organization reports, the median price of existing single-family homes was $310,000 during April, down 2.8% from March, but still up 3.3% from $300,000 in April of 2019.

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The LVR also says that the median price of area condos and townhomes sold in April was $180,250. That’s down 2.8% from March, but up 6.0% from April of 2019.

On the contrary, just two months ago, LVR reported that existing local home prices finally broke their all-time record.

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In February, the median single-family home price hit $316,000, topping the previous peak of $315,000 set back in June of 2006. Then, March set a new high-water mark with a median home price of $319,000.

Despite the coronavirus crisis, the organization reports the number of so-called distressed sales in April remained near historically low levels.

LVR says short sales and foreclosures combined accounted for 1.5% of all existing local property sales in April. That compares to 3.0% of all sales one year ago, 2.5% two years ago, and 8.4% three years ago.