Las Vegas’ housing market is slowly chugging along, but many buyers have canceled amid skyrocketing job losses, and the sales pipeline has shrunk fast.
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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.
A Siegel Suites property manager is being disciplined after telling tenants they can’t have visitors at the Las Vegas apartment complex because of the coronavirus pandemic and threatening eviction if they did, the landlord said.
Nevada construction employment growth led the nation last month with another Southwestern state, even as the coronavirus pandemic started shutting down the economy and hard hats lost jobs around the U.S.
Oxford Economics last week ranked Nevada the second-most economically vulnerable state behind Maine, saying the Silver State’s tourism sector, as measured by its share of financial output, is more than four times larger than the country’s.
As the pandemic wreaks havoc on the economy with sweeping business closures and record job losses, delinquencies are expected to rise nationwide, a new report indicates.
In Southern Nevada, homeowners put 3,605 single-family houses up for sale last month, down 18 percent from March 2019, according to trade association Las Vegas Realtors, or LVR, which pulls data from its listing service.
The governor said during a news conference that people can still buy and sell homes, and that house hunters can still make appointments to see a property in-person if it is empty.