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Las Vegas home prices up more than 20% annually, breaking records

Based on a new report by Las Vegas Realtors (LVR), the median price of existing single-family homes sold in Southern Nevada during October 2021 was $410,000. The median home price is up 20.5% from $340,200 one year ago. That tops the record high set the previous month by 0.9%.

The median price of local condos and townhomes sold in October was $236,000. That’s also an all-time record and up 26.5% from $186,500 in October of 2020.

“Our home prices are still increasing, but they’re going up more gradually,” said LVR President Aldo Martinez. “Even though we’re slowing down a bit, home prices are still rising. Buyers looking for more affordable options have been turning to condominiums, as witnessed by the median condo price of $236,000. As we’ve been saying for some time, the rate of appreciation we’ve seen this year is great for homeowners, and the low interest rates have been great for home buyers.”

Meanwhile, the local housing supply remains tight, causing homes to sell faster than they were last year. Martinez added that the current sales pace equates to a roughly one-month supply of properties available for sale.

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