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HOME PRICES COOL OFF IN VEGAS

Tuesday, March 3, 2020   /   by Ken Couture

HOME PRICES COOL OFF IN VEGAS

The year ended with minimal price gains of 2.6% in Southern Nevada, which is lower than the national numbers.

According to the Las Vegas Review Journal, the housing market in southern Nevada has cooled off a bit. Last year ended for the area with slow rising prices showing 2.6% year-over-year in December, compared with 3.8% nationwide. The data comes from the S&P CoreLogic Case-Shiller Index which also shows that Phoenix, was the nationwide leader with a 6.5% year-over-year price gain. It was the seventh consecutive month Phoenix led the nation's 20 markets.

Las Vegas and Dallas tied for fourth-lowest, ahead of only San Francisco, at 2.1 percent, and New York and Chicago, which shared the bottom of the pack at 1 percent. Southern Nevada’s housing market overall cooled off last year with slower price growth and slumping sales, after a heated stretch sparked affordability concerns. Lately, however, the market has seen a big jump in deals.

Around 2,280 single-family homes traded hands in January, up 25 percent from the same month last year, and about 2,600 sold in December, up almost 22 percent, according to the trade group now known as Las Vegas Realtors, which reports data from its listing service.

Slower price growth and lower interests have likely boosted sales in recent months by making homes more affordable, or at least not as expensive as they could be.

www.CoutureRealtyLV.com

Ken@CoutureRealtyLV.com

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