Las Vegas-area home prices set record before coronavirus
LAS VEGAS — A trade association says Las Vegas-area home prices hit a record high in March, ahead of the economic shutdown prompted by the coronavirus pandemic.
Las Vegas Realtors reported Tuesday the median sales price of previously owned single-family homes climbed to $319,000, topping the previous record of $316,000 set in February and up 6.3% from March 2019.
Sales were up 5.2% for homes during the month, and up 11.7% for condominiums and town houses.
Association President Tom Blanchard acknowledged the monthly figures will drop following widespread effects of casino closures and a tourism shutdown to prevent gatherings that can spread the contagious COVID-19 respiratory illness.
More than 2,500 sales were canceled in March, up 94% from the same month in 2019, and the number of sales contracts signed was down 24%, the Las Vegas Review-Journal reported .
Blanchard said he wondered how good the numbers would have been without the virus, and said he was optimistic that sales will return.
Most people with the virus experience mild or moderate symptoms, but older adults and people with existing health problems can face severe illness including pneumonia and death.