LAS VEGAS (KTNV) — A report released Wednesday by Las Vegas REALTORS shows local home prices continuing to set records while sales rise and the local housing supply remains tight.
LVR is reporting that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during June was $395,000. That tops the all-time record set in May by $10,000. June’s median home price is up 21.5% from $325,000 one year ago. The median price of local condos and townhomes sold in June was $216,000, according to LVR. That’s up 15.4% from $187,250 in June of 2020.
The president for LVR says he doesn't see the local housing marking slowing down as some sources have suggested although he does believe it will have an effect on the ability of the regular buyer to buy a house.
The current shortage of homes is presenting a challenge to potential buyers but benefits sellers, according to LVR.
By the end of June, LVR reported 2,454 single-family homes listed for sale without any sort of offer. For condos and townhomes, the 575 properties listed without offers in June were more than were listed during the previous month, though that inventory is still down 64.4% from the same time last year.
LVR reported a total of 4,486 existing local homes, condos and townhomes sold during June. Compared to one year ago, June sales were up 43.8% for homes and up 100.6% for condos and townhomes. So far this year, local home sales are on pace to exceed last year’s total, according to LVR.
The president of LVR also says that builders are not constructing enough homes to meet demand, while homeowners are staying in their homes longer and are slower to move than in past years.
During June, LVR reported that 30.4% of all local property sales were purchased with cash. That’s up from 15.7% one year ago, when the housing market was still adjusting to the onset of the pandemic. However, that’s still well below the March 2013 cash buyer peak of 59.5%.
With eviction and foreclosure bans still in place, the number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for just 0.7% of all existing local property sales in June. That compares to 2.2% of all sales one year ago, 2.2% of all sales two years ago, 2.6% three years ago and 6.3% four years ago.