It was reported today by the Review Journal and News 3 that Home prices in June hit an all-time high. Altos research state, “Nationally the big story again this week is inventory – we’re down to just 666,000 homes on the market, the lowest ever since we’ve been tracking these numbers, and 30% lower than this time last year.
So even though we had 74,000 new homes come to market this week, demand continues to outpace new supply, and our total active inventory keeps falling.
As a result, median home price is up again this week, to about $352,000.
The median sales price of previously owned single-family homes in Las Vegas — the bulk of the market — was a record $325,000 last month, up 3.2 percent from May and 6.9 percent from June 2019, according to trade association Las Vegas Realtors, or LVR.
Buyers scooped up 2,464 houses last month, up 44.7 percent from May but down 15.1 percent year over year, the association reported, showing that despite the monthly sales boost, buyer activity during the coronavirus pandemic remains below year-ago levels.
“The demise of the housing market due to COVID-19 was highly overrated. The Las Vegas housing market is alive and well,” Las Vegas Realtors President Tom Blanchard said in a press release.
Las Vegas Realtors says 2,934 existing houses, condos and townhomes changing ownership in June.
Compared to last year, home sales were down about 15%, but still up from May this year, when 2,075 homes, condos and townhomes were sold.
“Home sales increased nearly 45% from last month,” Blanchard said. We’re also adding homes to our overall inventory. The inventory may still be tight, but buyers are willing to pay more for a home here.”
Blanchard says the number of homes available for sale is “well below the six-month supply considered to be a balanced market.”
LVR reports data from its resale-heavy listing service.
There are still plenty of unknowns for Las Vegas’ housing market, including whether Nevada’s surging coronavirus caseloads will lead to another round of business closures. It’s also anyone’s guess how long it will take for Las Vegas to recoup the stratospheric job losses sparked by the outbreak.
But there have been signs that the housing market’s initial turbulence from the pandemic has eased, with the latest report showing a burst of deals last month.