Steve Marcus / April 2008 file photo
Homes in Las Vegas have lost nearly a third of their value in the past year, according to a new report. Homes have lost about 40 percent of their value in the valley since prices peaked in the summer of 2006.
Tuesday, Dec. 30, 2008 | 9:22 a.m.
Sun archives
- Dec. 29 -- Single family home sales in 2008, Clark County
- Nov. 25 -- Index: Vegas home prices at January 2004 levels
- Nov. 18 -- Home prices show signs of stability in October
- Nov. 10 -- Home sales, prices fall in October
- Oct. 8 -- Home sales up last month as prices continue tumble
- Sept. 12 -- Nevada holds on to nation’s highest foreclosure rate
- Sept. 9 -- Home prices slide as sales activity stays steady
Beyond the Sun
A closely watched index released today shows home prices in Las Vegas dropped at an annual rate of nearly 32 percent in October.
The Standard & Poor's/Case-Shiller 20-city housing index showed only Phoenix had a higher rate of decline in the 12 months ending in October, at 33 percent. The only other city joining Las Vegas and Phoenix with a fall of at least 30 percent was San Francisco, where home prices tumbled 31 percent, according to the index.
Nationwide, the index fell by a record 18 percent from October 2007, the largest drop since its inception in 2000. The 10-city index tumbled 19.1 percent, its biggest decline in its 21-year history.
Both indices have recorded year-over-year declines for 22 straight months. Prices nationwide are at levels not seen since March 2004.
Numbers released last week by SalesTraq indicate home prices in Las Vegas are at August 2003 levels. According to the Standard & Poor's/Case-Shiller housing index, home prices in Las Vegas peaked in August 2006 and have since fallen nearly 40 percent.
None of the 20 cities in the Case-Shiller index saw annual price gains in October -- for the seventh consecutive month.
The Associated Press contributed to this report.
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