Las Vegas Sun

June 26, 2017

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Report: Las Vegas home prices continue to show weakness

Las Vegas home prices fell again in March as the city continued to be among the worst performers in the closely-watched Standard & Poor's/Case-Shiller Home Price report covering 20 big U.S. markets.

Las Vegas prices, as measured by Standard & Poor's, fell 0.8 percent from February to March; a deterioration from the 0.4 percent decline from January to February. The 0.8 percent decline in March compares to the 20-city average decline of 0.5 percent.

Comparing March 2010 to March 2009, Las Vegas prices fell 12 percent vs. the 20-city average of a price gain of 2.3 percent.

Nationwide, Standard & Poor's today said housing prices have rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.

"The housing market may be in better shape than this time last year; but, when you look at recent trends there are signs of some renewed weakening in home prices," today's report said.

SalesTraq last week said prices for existing homes in April in Las Vegas rose to their highest level in more than a year.

The median price of existing homes closed in April locally was $126,000, up $6,000 from March 2010, SalesTraq said.

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