Las Vegas home prices rose at the same pace as the national average in April, a new report shows, as one outside group declared property values “pandemic-proof” that month. In April, Clark County home prices were up 4.7% from this time last year which is the national trend as well.
Despite the fact the pandemic lock down effected real estate nationwide, “Analytics firm Oxford Economics said in a statement that U.S. home prices “proved to be pandemic-proof in April.”
Buyer demand has been strong. The available housing inventory has been low as well as mortgage rates being at an all-time low. This has all accounted for the rise in housing prices. “strong buyer demand that had been building in the months preceding the pandemic, fueling competition for the relatively few for-sale homes on the market and driving up prices as a result,” Matthew Speakman, an economist with listing site Zillow, said in a statement.
In March, there were cancellations and people were afraid to put their homes on the market id Covid-19 fears but the market has definitely rebound for buyers and sellers.