Southern Nevada Home Sales Plummet In May

Big Dip In Sales Not Affecting Home Values, Though

Mitch Kelly
June 08, 2020 - 6:20 am
Las Vegas House For Sale

Ethan MIller/Getty Images


LAS VEGAS, NV (KXNT) - The effects of the coronavirus on home sales in Southern Nevada became brutally clear based on new numbers released Monday by Las Vegas Realtors.

May home sales were down just over 48% from the same month last year, while condo and townhome sales were down just over 51%. 

Home prices stayed high, however. Median prices for existing single-family homes held at $315,000, up 5% from the median home price of $300,000 in May 2019. March 2020 saw an all-time median home price record of $319,000.

“This crisis has obviously had a big impact on home sales,” LVR President Tom Blanchard said. “At the same time, it’s encouraging to see home values remaining steady, even with sales activity dropping.

"The bright spot is the increased activity of homes being placed under contract, which has seen a steady and significant increase since mid-April, which appears to have been the bottom of this housing dip," Blanchard said.

Despite fewer homes selling, Blanchard said there's still a shrinking supply of homes around the Las Vegas Valley. Sales in May equate to less than a four-month supply of homes available for sale. LVR said a six-month supply is considered to be part of a balanced market.