Index: Vegas home prices at January 2004 levels

Staff and wire reports

Tuesday, Nov. 25, 2008 | 1:36 p.m.

Sun archives

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

Case-Shiller index

A widely watched index released today shows home prices in Las Vegas are at levels not seen since January 2004.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index shows home prices dropping by the sharpest annual rate on record in the third quarter. The 20-city index tumbled a record 16.6 percent during the quarter from the same period a year ago. Prices nationwide are at levels not seen since the first quarter of 2004.

The index showed prices in Las Vegas dropped 31 percent year-over-year in September. Only Phoenix saw a larger annual drop, at 32 percent.

Miami, Los Angeles and San Diego all recorded annual decreases above 25 percent.

The 20-city index fell by 17.4 percent in September compared with a year ago, the largest drop since its inception in 2000. The 10-city index plunged 18.6 percent, the biggest decline in its 21-year history.

No city in the Case-Shiller 20-city index saw annual price gains in September — for the sixth straight month.

The Case-Shiller index shows housing prices in Las Vegas peaked in August 2006 and have fallen every month since, with larger price declines in the past year.

Discussion: 4 comments so far…

By stevem

11/25/08 at 2:04 p.m.

Suggest removal

i bought my house in july of 2006 for $254,000.

it's lost more than half of what i bought it for.

now they are going for $108,000 and no rebound in prices in sight. sure, glvar can "massage" any data they want, but home prices are still falling.
By scouser

11/25/08 at 4:55 p.m.

Suggest removal

bought in Tampa florida Aug 03 for $340k sold Sep 05 for $490. Bought in Dallas texas in Oct 05 for $280 now worth $320 according to Zillow. Thats is how to win in todays market.
By gqbossing

11/25/08 at 8:36 p.m.

Suggest removal

Try selling your house scouser.

I'm just lucky I decided to sell my pad and move to vegas in June 2006 and rent.

I think anyone could be unside down in their home today.
By stevem

11/26/08 at 9:22 p.m.

Suggest removal

scouser...i think you're full of crap. you're saying you have about a 20% gain?

not possible because you would have had to have gone up around 50% in 2006 to end up with a 20% in 2008.

i think if a realtor pulled the comps for you, you will have lost value in your home.

fsbo types use zillow like it's some kind of holy gospel. it's not "tweaky" enough for you to get an accurate picture of what's CURRENTLY for sale.

everyone's a real estate guru and thinks they can "time" the market. and if that was the case you'd be on a beach with a mai tai.