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Housing prices hit record high; 30% are cash sales |

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Housing prices hit record high; 30% are cash sales

LAS VEGAS (KLAS) -- Southern Nevada home prices set another record. The average cost of an existing home in April was $375,000 which is the highest it's ever been.

The Las Vegas REALTORS released its April report and said "local home prices have never been higher while the local housing supply has rarely, if ever, been lower."

The average sales price is 21% higher than it was a year ago.

Prices for condos and townhomes also increased, selling for a median price of $202,450 which is up 12.3% from last year.

"Homebuyers should stay persistent, because our numbers show that over 20% of accepted offers
get cold feet and those homes are then awarded to the second, third and even fourth buyer in line,"
said 2021 LVR President Aldo Martinez. "Last month, our MLS reported 8,056 times when a property went from active to under contract, and 1,644 of those went back into active status again."

LVR reported nearly 30% of home sales were purchased with cash which is still below the peak of nearly 60% in March of 2013.

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