Las Vegas Housing Market On Fire With Record Prices Despite Pandemic

Dated: 08/06/2020

Views: 56

Las Vegas’ housing market is “on fire” despite the coronavirus pandemic’s devastating effect on the economy, as sales totals surged and prices hit another all-time high last month, a new report says.The median sales price of previously owned single-family homes — the bulk of the market — was $330,000 in July, up 1.5 percent from the previous record high in June and 8.9 percent from a year earlier, according to trade association Las Vegas Realtors.Buyers picked up 3,325 houses last month, up 34.9 percent from June and 5.3 percent from July 2019.The market gained speed as availability shrank. A total of 4,806 single-family houses were listed without offers at the end of July, down 5.4 percent from June and 38.4 percent year over year, LVR reported.The association reports data from its resale-heavy listing service.“The Las Vegas housing market is not just a bright spot in the economy. It’s on fire,” LVR President Tom Blanchard, a broker with Renters Warehouse, said in a news release.Historically low-interest rates, strong demand, and tight supply are “driving the market,” he said, adding that one factor behind the record prices is that more expensive homes are making up a larger share of the sales volume.Home prices have been rising nationally as well amid supply constraints and improved affordability, according to housing tracker CoreLogic.“Given the economic outlook, housing remains a bright spot for the foreseeable future,” CoreLogic President and CEO Frank Martell said in a statement this week.Las Vegas’ housing market was hit with a burst of turbulence after much of the local economy, including casinos, shut down in March over fears of the new coronavirus. Home sales activity plunged, and cancellations soared.But the market has been rebounding from the early chaos of the pandemic, helped in no small part by shrinking mortgage rates, which make homes more affordable by letting buyers lock in lower monthly payments.Nationally, the average rate on a 30-year home loan was 3.02 percent last month, down from 3.62 percent in January, according to mortgage finance giant Freddie Mac.The housing market still faces plenty of unknowns, given that Las Vegas still has a high unemployment rate and that the coronavirus is still raging in Southern Nevada. But the valley has recouped many of the jobs it lost after the pandemic hit.Las Vegas’ jobless rate, just 3.9 percent in February, shot up to 34 percent in April. By June it had tumbled to 18 percent after casinos and other businesses were allowed to reopen, state officials reported.If you in the market to buy or sell real estate in Las Vegas call us for complimentary  client consultation 917-202-8411 To get your property market value email your address at slava@vsluxury.comWe look forward to working with you on your next real estate transaction! 
Blog author image

Slava Slavina

Signature Real Estate Group provides a platform for buying and selling homes throughout Nevada for real estate agents and consumers. 2019 Inc-5000 ....

Latest Blog Posts

Las Vegas Housing Market On Fire With Record Prices Despite Pandemic

Las Vegas’ housing market is “on fire” despite the coronavirus pandemic’s devastating effect on the economy, as sales totals surged and prices hit another all-time high last month, a new

Read More

How Long Will Home Prices Continue To Rise 8 Experts Weigh In

Need more signs of housing market demand?A recession, an economic stimulus package, emergency interest rate cuts: it may seem like it’s 2008 all over again. But for the housing market, the deja vu

Read More

Current Real Estate Market Data One Year Today Appreciation By Zip And More

Get The Most Current Industry News And Property Information Data Numbers For Las Vegas Real Estate MarketSingle Family Homes Appreciation Report By Zip June 2019-2020Appreciation Single

Read More

IBuyers Vs Traditional Realtors

“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1” – Warren Buffett Steve Wynn's signature house asks 25 Million after 16 Million in renovations. As we move forward

Read More