Las Vegas Sun

March 18, 2024

Report: Decline in Las Vegas home prices slows

Las Vegas home prices fell again in February as measured by the widely-followed Standard & Poor's/Case-Shiller Home Price Indices -- but they declined at a slower rate.

S&P, a debt-rating agency, today said Las Vegas prices fell 0.4 percent from January to February, a better performance than the 20 big cities tracked in the report. The 20-city average decline was 0.9 percent.

The decline in Las Vegas compares to a local decline of 0.5 percent from December to January.

Las Vegas home prices in February were down 14.6 percent from February 2009, Standard & Poor's said.

That's an improvement from January, when prices were down 17.4 percent on a year-to-year basis.

Las Vegas, hit hard by layoffs and foreclosures, has been among the worst-performing markets among the 20 big cities tracked in the S&P/Case-Shiller index.

"Beginning last November, each report showed gains as fewer cities reported year-over-year declines than in the previous month; those gains ended with this report. Further, in six cities (including Las Vegas) prices were at their lowest levels since the prices peaked three-to-four years ago. These data point to a risk that home prices could decline further before experiencing any sustained gains,'' David Blitzer, chairman of the Index Committee at Standard & Poor's, said in a statement. "While the year-over-year data continued to improve for 18 of the 20 metropolitan statistical areas ... this simply confirms that the pace of decline is less severe than a year ago. It is too early to say that the housing market is recovering."

More recent numbers for Las Vegas, from March from the Greater Las Vegas Association of Realtors, found the median price of single-family homes sold in Southern Nevada was $136,000, up 0.2 percent from $135,694 in February, but down 8.7 percent from one year ago.

Join the Discussion:

Check this out for a full explanation of our conversion to the LiveFyre commenting system and instructions on how to sign up for an account.

Full comments policy