Las Vegas home prices are fastest growing in US

Las Vegas home prices are growing fastest among major markets. Topping long-reigning leader Seattle — but there are signs locally and nationally of a cooldown.las vegas home prices

Southern Nevada and Las Vegas home prices were up 13 percent year-over-year in June. Compared to a 6.2 percent rise nationally, according to the S&P CoreLogic Case-Shiller index released Tuesday.

Las Vegas’ growth rate led the 20 markets listed in the report. Followed by Seattle at 12.8 percent and San Francisco at 10.7 percent.

Seattle had topped the list for almost two years, and Las Vegas’ rate was second-fastest the past 10 consecutive months. Las Vegas last led the index in July 2014, said Soogyung Jordan, S&P Dow Jones Indices’ global head of communications.

David Blitzer, managing director and chairman of S&P Dow Jones Indices’ index committee, said in the news release that even though prices are rising nationwide, “we are seeing signs that growth is easing in the housing market.”

According to Blitzer, sales of new and existing homes are “roughly flat over the last six months”.

Rising mortgage rates and higher prices are affecting affordability, he added.

Las Vegas’ housing market accelerated the past year or so amid low availability and strong demand, but it’s among those showing signs of a pullback.

Price growth has cooled down and sales have slowed. The industry’s biggest trade group in town dialed back expectations that prices would reach their pre-recession peak this year.

Locally, the median Las Vegas home prices for previously owned single-family homes in July was $290,000. Up 11.5 percent from a year earlier. By comparison, the median Las Vegas home prices were up 12.7 percent year-over-year in June. 18 percent in May, according to the Greater Las Vegas Association of Realtors.

There are also signs that Las Vegas’ inventory shortage is easing.

Around 4,800 houses were on the market without offers at the end of July. Down about 4 percent from a year earlier. But as recently as January, inventory had shrunk by 36.5 percent, the GLVAR reported.

 

Source: Las Vegas Review Journal

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Posted on August 28, 2018 at 8:38 pm
Erika Sutphin | Category: Las Vegas Home Prices, Las Vegas Real Estate News | Tagged , , , , , ,

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