Ep#29 French Workbench- Moratorium Has Been Extended & Credit Repair Guidelines

Las Vegas Realtors are reporting this week that the median price of existing single-family homes sold in Southern Nevada during May 2021 was $385,000. That tops the all-time record set in April. May's median home price is up 22.2% from $315,000 one year ago. The median price of local condos and townhomes sold in May was $205,000. That's up 10.8% from $185,000 in May of 2020. "Like the previous month, these statistics benefit from a comparison to a time last year when our housing market was hit especially hard by the pandemic," said 2021 LVR President Aldo Martinez. "It remains to be seen how much higher these prices can go in the coming months, since we're reaching a point where more first-time and entry-level buyers are being priced out of the market." Reports in recent weeks of institutional investors and builders spending millions to develop single-family rental properties across the country as a glimpse into where the housing market is headed. He added that "it seems unlikely that home prices will go down anytime soon, but it seems very likely that more people will end up renting homes for the foreseeable future." The shortage of homes available for sale continues to present a challenge for potential buyers - and a rare opportunity for sellers. While a six-month supply is traditionally considered to be a balanced market, the pace of local home sales in May compared to the number of existing homes available for sale without offers equates to well under a one-month supply. Of course, he added that it has been many years since Southern Nevada had a six-month housing supply. While more homes are selling compared to last year, he said the number of sales have started declining on a month-to-month basis. The local housing market hit its post-recession bottom in early 2012. Since then, it has experienced steady year-over-year growth. Since the pandemic started, Martinez said the local housing market has been more in line with national trends, with home sales and prices "exceeding expectations." He attributes mu