Las Vegas, Nevada 2021-06-08 08:00:00 –
Las Vegas (KLAS) — House prices were not modest and rose again in May, according to figures released Tuesday morning.
The average price of existing homes can rise by $ 10,000 in just one month, setting new records and driving first-time buyers out of the market. Las Vegas Realtors (LVR) has reported a record median of $ 385,000.
The median May was up 22.2% from $ 315,000 a year ago.
Condominium and town home prices also continued to rise, with a median price of $ 205,000, up 10.8% from 185,000 in May 2020.
“It seems unlikely that home prices will fall soon,” said Aldo Martinez, chairman of LVR in 2021. “But it seems very likely that more people will eventually rent a home in the near future.”
“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. That’s Martinez, “said Martinez.
Martinez added that prospective buyers need to remain patient and persistent.
Inventory — the number of homes for sale — has decreased by 70.1% since the same period last year.
LVR reported a total of 4,100 existing local homes, condominiums and town homes sold in May. Compared to the same period last year, May sales were up 87.3% for single-family homes and 144.9% for condominiums and town homes. So far this year, local home sales have been at a faster pace than last year’s total.
He said more homes are selling compared to last year, but sales are starting to decline every month.
In May, LVR reported that 30.9% of local real estate sales were purchased in cash. This is an increase of 14.5% compared to a year ago when the housing market was turbulent since the beginning of the pandemic. However, this is still well below the March 2013 peak of cash buyers at 59.5%.