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Home Prices in Las Vegas Hold Steady As Sales Drop in First Full Month of Virus

Thursday, May 7, 2020   /   by Ken Couture

Home Prices in Las Vegas Hold Steady As Sales Drop in First Full Month of Virus

Home prices in Southern Nevada held steady as sales dropped in April, the first full month that the state felt the economic impacts of the coronavirus outbreak.


The trade group Las Vegas Realtors said in a new report the median price in the Las Vegas valley last month was $310,000.


That price is down from the record $319,000 median price set in March this year but up 6% from the median price of April 2019, according to Las Vegas Realtors.


The group reports 1,190 canceled sales contacts in April, down from 1,335 cancelations from the same month a year ago.


"We’re starting to see how this crisis is hitting our housing market," said LVR President Tom Blanchard. "We expected sales to decline. But I think many people are surprised to see so little change in April compared to last year at this time in the number of people canceling contracts to buy homes here."


April sales were down more than 31% for homes and more than 41% for condos and townhomes.

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