Las Vegas-Southern Nevada home prices remain in record territory despite pandemic
Despite the coronavirus pandemic and economic downturn, Las Vegas REALTORS® (LVR) housing statistics for July 2020 shows local home prices set another all-time record.
(July 2020)
Median price of existing single-family homes sold: $330,000 (1.5% up from June, 2020, 8.9% up from July, 2019)
Median price of Condos/Townhomes sold: $196,000 (+4.7% from June, 2020, +12.0% from July, 2019)
Single Family Home Number of Closings: 3,325 units (+34.9% from June, 2020, +5.3% from July, 2019)
Condos/Townhomes Number of Closings: 700 units (+48.9% from June, 2020, -3.3% from July 2019)
What is driving Las Vegas Housing Market? With historically low interest rates (the average interest rate on a 30-year fixed-rate mortgage was 2.99% on 7/31/2020 according to Freddie Mac’s latest Primary Mortgage Market Survey.), strong demand with increase in population, and a tight housing supply; Single Family Home Number of new listings was 3,703 units which was 10.2% down from July 2019. Effective Months of Availability was 1.4 months and Time on Market: 30 Days or Less was 59.7%. So more than half of homes for sale was sold within a month!
Distressed sales are expected to remain low as long as state and federal moratoriums remain in place to prevent most evictions and foreclosures.
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