Homebuilding activity dropped sharply in Las Vegas last month amid the pandemic-sparked economic shutdown. But the worst may be over for the local housing market, a new report says.
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The market hasn’t collapsed after the coronavirus outbreak shut down much of Southern Nevada’s economy virtually overnight, but tenants have sought rent relief and struggled to pay on time.
Las Vegas’ housing market is slowly chugging along, but many buyers have canceled amid skyrocketing job losses, and the sales pipeline has shrunk fast.
Don’t expect a big burst of real estate action anytime soon.
The median sales price of previously owned single-family homes — the bulk of the market — was $310,000 in April, up 3.3 percent from the same month last year.