According to the Las Vegas Realtors, the median price of a home in southern Nevada rose to $395,000 in June, up to $10,000 from May.
June’s figure is $70,000 higher than what was recorded last June, an increase of more than 21%.
Aldo Martinez, president of Las Vegas Realtors, said that home prices have begun to outpace affordability for many individuals and families in the valley.
“Any sign of slowing down, aside from a seasonal adjustment, is likely attributed to not as many buyers being able to afford a home at these prices,” Martinez said in a statement. “We warned this would happen the closer we get to a median price of $400,000.”
Martinez said he does not expect a change in the trajectory of house price increases.
“The number of buyers who will have to revert to renting because they are no longer able to purchase at these prices is the primary reason so many more investors jumped into our market at the start of this year,” Martinez said. “They foresaw a healthy rental market in the future, and it’s drawing near.”
In June, 30% of all properties sold in southern Nevada were purchased in cash, an increase of 16% over June 2020, but well below the 60% cash purchase peak in the spring of 2013.
After the Great Recession of 2012, the Las Vegas housing market bottomed out when median home prices plummeted to $ 118,000.
The average price of local apartments and townhomes in June was $216,000, up 15% in the same month last year.
The market is not the tightest in the Las Vegas region, but it is one of the toughest.
According to a group of experts, a six-month supply of homes is generally considered a balanced market, but a one-month supply of homes in the Las Vegas area market.
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