The median price for an existing single-family home in July cleared $400,000 for the first time, a report released today indicates.
According to the Las Vegas Realtors trade organization, the median price for a home sold in Southern Nevada last month was $405,000, which is $10,000 more than what was recorded for June.
July’s figures represent a $75,000 increase from the same month in 2020, which at that time was an all-time high.
Aldo Martinez, president of Las Vegas Realtors and a longtime area agent, reiterated what he’s been saying for months — the cost of a home here is reaching territory where first-time buyers and working-class families are effectively priced out of the market.
“The median affordable price for Southern Nevadans may soon be out of reach,” Martinez said in a statement. “Housing prices are rising faster than incomes, and that seems unsustainable over the long term.”
That’s despite, he said, mortgage interest rates that continue to hover near all-time lows.
The median price of local condos and townhomes in July came in at just over $224,000, a 14% jump from the same month in 2020.
Many buyers who would normally be in the market for a house, Martinez said, have turned to the townhome and condo market, putting added pressure on that sector of the overall housing market.
Others “will have to revert to renting because they’re no longer able to purchase at these prices,” he said.
According to the trade group, 662 condos and townhomes were listed in July without any type of offer, an increase from June, but still a 58% decrease the same month in 2020.
In July, 96% of all local homes and 95% of all condos and townhomes sold within 60 days of being listed. For July 2020, those figures were 77% and 70%, respectively.
An increasing number of buyers are also purchasing units with cash, according to the July report.
Just under 32% of all sales in July were completed as cash transactions, an increase of 17% from July 2020. That figure is creeping closer to the all-time cash-buyer peak of 60% in Las Vegas, which was recorded in March 2013.
The Las Vegas housing market bottomed out in 2012 after the Great Recession, when the median price for a home plummeted to $118,000.
The market remains one of the tightest ever in Las Vegas, with less than a one-month supply of homes available. A six-month supply of homes is generally thought to be close to a balanced market.