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Another record set for Southern Nevada home prices in May | Local – Las Vegas, Nevada

Las Vegas, Nevada 2021-06-08 08:21:00 –

Las Vegas (FOX5) –A new report from a Las Vegas real estate agent continues to set a record for home prices in southern Nevada.

According to LVR, the median existing single-family home in southern Nevada in May was $ 385,000. This is above the $ 375,000 recorded in April, an increase of 22.2% from $ 315,000 a year ago.

The median price of condos was $ 205,000, up from $ 185,000 in May 2020.

“As in the previous month, these statistics benefit from a comparison with last year when the housing market was hit particularly hard by the pandemic,” said Aldo Martinez, president of 2021 LVR. “We still don’t know how high these prices will be in the coming months, as we are reaching the stage where more first-time and entry-level buyers are being cut off the market. is.”

Martinez said prices are unlikely to fall soon, but people are likely to rent a house instead.

Prices are paired with ongoing low supply. The LVR sees a six-month supply as a balanced market, but the Las Vegas region has only one month’s worth of housing. “It’s been years,” Martinez said, after seeing six months’ worth of housing in southern Nevada.

Local home sales are growing faster than last year’s total, LVR reports.

Copyright 2021 KVVU (KVVU Broadcasting Co., Ltd.). all rights reserved.

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