Las Vegas Sun

March 29, 2024

REAL ESTATE:

Report: Las Vegas home values fall 28 percent in year

A new report shows January home prices in the Las Vegas area dropped more than 28 percent in the past year.

The First American CoreLogic Home Price Index shows prices across the country fell 11.6 percent compared to a year ago, although Las Vegas joined several cities in California and Florida that posted declines of more than 20 percent.

"The composition of the top five depreciation markets began to shift in January as Nevada outpaced California," the report said.

Arizona rounded out the top three states showing the greatest amount of home value depreciation. Rhode Island was fourth and Florida was fifth.

"The number of metropolitan markets experiencing price declines is, by far, the highest ever. As of January 2009, over 700, or nearly three-quarters, of all metropolitan markets were experiencing home price depreciation, up from 254 markets experiencing depreciation in December 2007 and 394 in June 2008," the Home Price Index report said.

The report showed the Riverside-San Bernardino, Calif., and Miami markets posted slighly higher declines in home values than Las Vegas.

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