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.
Search results for:
Las Vegas’ unemployment rate shot past 33 percent last month amid sweeping business closures sparked by the coronavirus pandemic.
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.
Allegiant Air passenger volume nearly evaporated last month after the coronavirus pandemic started shutting down much of the economy in March, newly released figures show.
Management announced the open-air, food-and-retail complex at Fremont and Seventh streets would operate from 11 a.m. to 7 p.m. daily.
Las Vegas-based Allegiant Travel Co. on Tuesday reported a $33 million loss in the three months ended March 31, compared to a $57.1 million profit the same period last year.
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.
A bankruptcy court auction is scheduled to be held May 19 for a 38.5-acre spread along Las Vegas Boulevard across from Mandalay Bay. Bids were due Thursday.