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February 12, 2012

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Report: Las Vegas home prices at July 2003 levels

By Tim Richardson

Tuesday, Feb. 24, 2009 | 10:14 a.m.

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Home prices in Las Vegas have fallen to levels not seen since July 2003, according to a monthly index of home prices in 20 metropolitan areas released today.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index plunged 18.2 percent during the quarter from the same period a year ago, the largest drop in its 21-year history. In Las Vegas, home prices tumbled 33 percent from December 2007 to December 2008.

The price drop accelerated in December, dropping 5 percent from November 2008. The S&P/Case-Shiller index shows home prices have fallen 44 percent in Las Vegas from their peak in August 2006.

In addition to Las Vegas, two other cities in the 20-city index -- Phoenix and San Francisco -- also saw home values lose more than 30 percent in December compared to the previous year. And the government index showed many California and Florida cities clocked their worst declines in the fourth quarter.

At the height of home prices in Las Vegas, the index showed only five cities had higher prices than Las Vegas. Now, 12 cities have higher prices than Las Vegas, the index showed.

According to numbers released last week by SalesTraq, the median price of existing homes sold in January in Las Vegas has tumbled to $150,000.

Prices in Detroit, which has the lowest home prices of any city in the index, have fallen to levels not seen since April 1997.

The Associated Press contributed to this report.

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