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Home prices set new record in March; cancelled home sales also high |

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Home prices set new record in March; cancelled home sales also high

LAS VEGAS (KLAS) — Southern Nevada home prices set a new record in March. The cost of a median priced home was up 6.3% from a year ago, but cancelled sales were also nearly double what they were the previous year at the same time.

According to a report released by Las Vegas REALTORS, despite the coronavirus pandemic, the median price in March was $319,000 compared to $300,000 in March 2019. The report does point out sales were up even though there were 2,542 escrows cancelled during the month, which was nearly double of those cancelled a year earlier.

“As much as these numbers appear to be a surprise, it goes to show you that the impact on our housing market and economy may trail by a month or two,” said 2020 LVR President Tom Blanchard. “I would expect that we will be seeing different numbers in the coming months as this virus affects the pipeline of sales. It just makes me wonder just how good the numbers would have been without this virus hitting us.”

The report also states the housing supply market remains tight with around 5,600 single-family homes listed for sale at the end of March. That’s down nearly 20% from a year ago.

Blanchard does expect foreclosures to remain low in the coming months due to a 90-day moratorium on evictions and foreclosures ordered March 29 by Nevada Gov. Steve Sisolak.

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