Soaring property prices in southern Nevada took a breather in August as a month-long streak of record-breaking property values ”took a temporary hiatus,” a new report said.
The average retail price of previously owned single-family homes – most of the market – was $ 405,000 last month, unchanged from the record high in July but 20.9 percent higher than last August, the Las Vegas Realtors trade association reported .
In August, buyers bought 3,210 houses, 4.2 percent fewer than in July, but 10.3 percent more than in August 2020 over the year.
Meanwhile, homes traded a little slower but still fast, with 87.8 percent of single-family homes sold last month been on the market for 30 days or less, compared with 89.1 percent of home sales in July and 61.3 percent in August last year, according to the association, which reported data from its resale-heavy listing service.
Despite the huge job losses caused by the coronavirus pandemic, the Las Vegas housing market has accelerated over the past year with rapid sales and record high prices, largely thanks to the lowest mortgage rates that have allowed buyers to stretch their budgets.
People have inundated homes with offers and routinely exceeded asking prices, and builders have put buyers on waiting lists, regularly raised prices, placed bids on lots and in some cases pulled names to determine who can buy a space.
It has become harder to buy a home in the Las Vegas area, more expensive and, as some say, less affordable.
Las Vegas Realtors President Aldo Martinez said in a press release that after property prices hit an all-time high every month since January, expectations for this continuing trend have been high, although real estate professionals “must always take into account the seasonal conditions that dictate this cause”. Breaks in our markets. “
The association noted that prices remained unchanged over the past month as families “were concerned about getting their kids to school, getting graduates to college, and all of the seasonal reasons that cause a short-term hiatus that the LVR- Leaders called as the market prepped for its final surge ahead of the expected holidays ”. the slowdown begins. “
Martinez also said that home prices have increased “much faster than incomes” and that it is “not sustainable in the long term”.
“Even with mortgage rates near all-time lows, home ownership is still challenging for some buyers and working-class families,” he said.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
