Can You Guess The Astronomical Median Home Price In Las Vegas Is?

Southern Nevada is seeing record-breaking housing prices. Some prices are so high they're knocking potential home buyers right out of the market, reported FOX 5 KVVU-TV.

According to Las Vegas realtors, the median home price for single-family homes in Southern Nevada was around $395,000 in June. That price broke the record that was set in may by about $10,000 and it's up 21.5 percent from one year ago.

Some home buyers now can't afford a new home and are backing out of the market altogether.

Las Vegas Realtors president Aldo Martinez said:

"Housing prices are starting to exceed what many citizens of this community can afford, and any sign of slowing down aside from a seasonal adjustment is likely attributed to not as many buyers being able to afford a home at these prices or having the cash to come out of pocket due to lagging appraisals. We warned this would happen the closer we get to a median price of $400,000."

According to Martinez, those individuals are now choosing to rent instead of buy.

The housing market is also very unbalanced right now. According to the Las Vegas Realtors, June's supply of home equated to well under a month's supply. In general, a six-month supply typically indicates a well-balanced market.