Las Vegas Sun

April 20, 2024

real estate:

S&P: Rate of home price decline eases in Las Vegas

Las Vegas posted a decline in home prices in August as measured by the widely-followed S&P/Case-Shiller Home Price Indices.

The debt rating company Standard & Poor's today issued the report, showing that from July to August prices rose in 17 of 20 cities it follows. The exceptions were Las Vegas, down 0.3 percent, as well as Charlotte and Cleveland.

The rate of decline was an improvement from June to July (down 1.1 percent) for Las Vegas, S&P said. Las Vegas prices in August were down 29.9 percent from August 2008, Standard & Poor's said.

Overall, prices in the 20 cities rose 1.2 percent from July to August and the annual rate of decline improved compared to July’s reading.

"Broadly speaking, the rate of annual decline in home price values continues to improve," David M. Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement.

"While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement," his statement said. "We do want to remind people of the upcoming expiration of the Federal First-Time Buyer’s Tax Credit in November and anticipated higher unemployment rates through year-end. Both may have a dampening effect on home prices."

Today's news follows recent reports showing Nevada continues to lead the nation in foreclosure filings -- a situation in part driven by the state's unemployment rate in September of 13.3 percent.

And despite the Standard & Poor's data, the Greater Las Vegas Association of Realtors said existing home prices in September in Las Vegas were up 1.8 percent from August to $138,000 -- though condominium and townhome prices fell 0.9 percent to a median $65,720.

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