The Las Vegas Realtors reported Southern Nevada home prices rise again, though fewer homes are selling; LVR housing statistics for August 2020
LVR reported a total of 3,594 existing local homes, condos and townhomes were sold during August. Compared to the same time last year, August sales were down 8.1% for homes and down 10.8% for condos and townhomes.
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By the end of August, LVR reported 4,639 single-family homes listed for sale without any sort of offer. That’s down 40.3% from one year ago. For condos and townhomes, the 1,544 properties listed without offers in August represented a 17.0% drop from one year ago.
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Despite the coronavirus crisis, the number of so-called distressed sales in August remained near historically low levels. The association reported that short sales and foreclosures combined accounted for just 1.2% of all existing local property sales in August. That compares to 2.1% of all sales one year ago, 2.5% two years ago and 6.1% three years ago.
emphasis added
1) Overall sales were down 8.7% year-over-year to 3,594 in August 2020 from 3,935 in August 2019.
2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,626 in August 2019 to 6,183 in August 2020. Note: Total inventory was down 35.8% year-over-year. And months of inventory is low.
3) Low level of distressed sales.