Key Highlights
- New record of median home price in Southern Nevada set in August
- Existing home now costs $335,000
What pandemic? What battered economy? What skyrocketing unemployment? The median sale price of an existing single-family home hit a new record in Southern Nevada in August. Up from the previous record of $330,000 set in July, the current record for an existing home in Southern Nevada hit a new high record of $335,000 in August 2020.
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This new record-high selling price of $335,000 for an existing single-family home was up by +10% compared with last year’s median selling price, according to the Las Vegas Realtors Association.
Tom Blanchard, longtime real estate agent and president of the Las Vegas Realtors Association, is not sure how long this expectations-defying housing market can continue in Las Vegas. Blanchard said, “Those that can purchase have been purchasing, pretty much since this pandemic started. That part of our business has been steady and constant. The only thing I’m concerned about is if the assistance people are getting – unemployment insurance, the CARES Act, all of the government assistance out there – goes away and the jobs haven’t come back, we’ll see us fall off the crevasse.”
We’ll see soon enough, Mr. Blanchard, as the enhanced unemployment benefits of $600/week that expired at the end of July have not been fully extended in all states. And the Payroll Protection Program under the CARES Act is set to expire by the end of this month, if not before in some areas.
But for now, the median price of an existing single-family home in Southern Las Vegas was an all-time high in August. Townhomes and condominiums sold for a median price of $185,000 in August 2020, a +5% increase over August 2019.
Despite all this “great” news, Blanchard reminded agent members of the Las Vegas Realtors Association that the median price for an existing single-family home in Southern Nevada hit an all-time low, rock bottom price of $118,000 in 2012, and that the number of homes for sale continued to be well below balanced inventory levels of a six-month supply.
Thanks to National Mortgage News.
Also read: Home Prices in Hamptons Hit Record Highs, Three Companies in Last-Stage Testing of Potential COVID-19 Vaccines, 38.6M Unemployed Since March & Hardest Hit Cities by Pandemic
