LAS VEGAS (KTNV) — Existing home prices in Southern Nevada have finally broke the all-time record while the housing supply continues to shrink.
The median price for an existing single-family home for February 2020 was $316,000. The previous record was $315,000 in June 2006.
February was up 3.6% from January and up 6.7% from February of 2019.
“We’ve been waiting for this milestone for a long time,” said 2020 LVR President Tom Blanchard, a longtime local REALTOR®. “While it’s interesting to talk about how we finally broke the record, it’s important to remember that it took us more than 13 years to get here. If you account for inflation, you could argue that home prices should actually be much higher than they are today.”
Meanwhile, LVR reported that the median price of local condos and townhomes sold in February was $175,000, the same as January and up 6.1% from February of 2019.
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The total number of existing local homes, condos and townhomes sold during February was 3,089. Compared to the same time last year, February sales were up 25.7% for homes and up 14.0% for condos and townhomes.
That year-over-year sales increase reverses last year’s trend. According to LVR, the total number of existing local homes, condos and townhomes sold in Southern Nevada during 2019 was 41,269. That was down from 42,876 total sales in 2018 and from 45,388 in 2017.
There is currently less than a two-month supply of houses on the market. By the end of February, 4.240 single-family homes were listed for sale. That is down 40.5% from last year.