The Las Vegas Realtors reported Southern Nevada home prices holding their ground during crisis, LVR housing statistics for May 2020
LVR reported that a total of 2,934 existing local homes, condos and townhomes were sold during June – the third full month since Nevadans were ordered on March 17 to “stay home for Nevada.” Compared to the same time last year, June sales were down 15.1% for homes and down 35.0% for condos and townhomes. However, sales were up significantly from the previous month.
By the end of June, LVR reported 5,079 single-family homes listed for sale without any sort of offer. That’s down 35.0% from one year ago. For condos and townhomes, the 1,616 properties listed without offers in June represented a 16.6% drop from one year ago.
Despite the coronavirus crisis, the number of so-called distressed sales in June remained near historically low levels. The association reported that short sales and foreclosures combined accounted for 2.2% of all existing local property sales in June. That compares to 2.2% of all sales one year ago, 2.6% two years ago and 6.3% three years ago.
1) Overall sales were down 19.1% year-over-year to 2,934 in June 2020 from 3,626 in June 2019.
2) Active inventory (single-family and condos) is down from a year ago, from a total of 9,752 in June 2019 to 6,695 in June 2020. Note: Total inventory was down 31.3% year-over-year. And months of inventory is still low.
3) Low level of distressed sales.