Las Vegas home prices pass $400K for first time
Dated: August 6 2021
LAS VEGAS (KSNV) — The median price for a Las Vegas-area home passed $400,000 for the first time during this past July, according to a realtor group that tracks housing prices.
The median price for an existing home sold in Southern Nevada was $405,000 last month, the group Las Vegas Realtors reports.
That's up nearly 23% from the $330,000 median recorded a year ago and tops the previous record of $395,000 set only the month prior in June this year.
"The median affordable price for Southern Nevadans may soon be out of reach," Aldo Martinez, president of Las Vegas Realtors, said in a statement. "As we’ve been saying for months, housing prices are rising faster than incomes here in Southern Nevada, and that seems unsustainable over the long term. Even with mortgage interest rates near all-time lows, we know it’s getting difficult for first-time buyers and working-class families to afford a home."
A low supply of housing continues to drive up prices, Martinez said, and many prospective buyers might have to turn to townhomes, condos or renting due to the prices.
A total of 4,225 existing homes, townhomes and condos were sold last month, according to Las Vegas Realtors.
A little over 3,000 single-family homes were listed for sale without any sort of offer in July. That marks an increase for the fifth straight month, but it's still down more than 37% compared to a year ago.