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Las Vegas-Area Home Prices Set Record Before Coronavirus Effects

LAS VEGAS (AP) — Las Vegas-area home prices hit a record high in March, ahead of the economic shutdown prompted by the coronavirus pandemic.

Las Vegas Realtors reported Tuesday the median sales price of previously owned single-family homes climbed to $319,000, topping the previous record $316,000 set in February and up 6.3% from March 2019. Home sales were up 5.2% during the month, and up 11.7% for condominiums and town houses.

The Las Vegas Review-Journal reported that more than 2,500 sales were canceled in March, up 94% from the same month in 2019, and the number of sales contracts signed was down 24%.