LAS VEGAS (KTNV) — Las Vegas home prices have passed the $400,000 mark for the first time.
Las Vegas Realtors is reporting that the median price for a single-family home in the Las Vegas valley for the month of July was $405,000.
That’s up more than 22% from July 2020.
Experts say one of the reasons for the housing market boom is low-interest rates.
The low rates mean an increase in demand.
But economists are worried that if the Federal Reserve overreacts to high home prices and raises interest rates too early, that could stunt recovery in other areas of the economy.
Rising home prices also mean higher rent and that could pose big problems for lower-income families.