Las Vegas Home Prices Hit All-time Record High in February

According to Las Vegas Realtors, existing local home prices finally broke their all-time record in February 2020, while the housing supply keeps shrinking. LVR report that the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service (MLS) during February 2020 was $316,000. That was up 3.6% from January and up 6.7% from February of 2019, passing the previous record of $315,000 set in June of 2006. We've been waiting for this milestone for a long time," said 2020 LVR President Tom Blanchard. "While it's interesting to talk about how we finally broke the record, it's important to remember that it took us more than 13 years to get here. If you account for inflation, you could argue that home prices should actually be much higher than they are today. Meanwhile, LVR reported that the median price of local condos and townhomes sold in February was $175,000, the same as January and up 6.1% from February of 2019. After seeing the median local home price in December 2019 come within a few thousand dollars of its all-time peak, Blanchard said he expected that price record to fall in 2020. Before slowing down last year, local home prices had been soaring since early 2012, posting double-digit gains from year to year while climbing back from their post-recession low point. According to LVR, the median price of existing single-family homes sold in Southern Nevada peaked at $315,000 in June of 2006 before falling during the recession. Local home prices hit a post-recession bottom of $118,000 in January of 2012.