The Las Vegas Realtors reported Southern Nevada home prices remain in record territory despite pandemic; LVR housing statistics for July 2020
LVR reported a total of 4,025 existing local homes, condos and townhomes were sold during July. Compared to the same time last year, July sales were up 5.3% for homes, but down 3.3% for condos and townhomes. Sales were up significantly from the previous month.
…
By the end of July, LVR reported 4,806 single-family homes listed for sale without any sort of offer. That’s down 38.4% from one year ago. For condos and townhomes, the 1,581 properties listed without offers in July represented a 15.2% drop from one year ago.
…
Despite the coronavirus crisis, the number of so-called distressed sales in July 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 July. That compares to 2.0% of all sales one year ago, 2.9% two years ago and 6.4% three years ago.
emphasis added
1) Overall sales were up 3.7% year-over-year to 4,025 in July 2020 from 3,883 in July 2019.
2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,752 in July 2019 to 6,387 in July 2020. Note: Total inventory was down 34.5% year-over-year. And months of inventory is still low.
3) Low level of distressed sales.