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December 21, 2014

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Report: Fall in Las Vegas home prices reaches 39 months

Beyond the Sun

Las Vegas home prices as tracked in a monthly nationwide report fell in November for the 39th consecutive month.

Debt-rating agency Standard & Poor’s issued its S&P/Case-Shiller Home Price Indices today showing Las Vegas prices fell 0.5 percent from October to November; a deterioration from October when prices fell 0.1 percent from September.

Las Vegas prices are down 55.6 percent from their peak, Standard & Poor's said.

S&P said prices nationwide in its 10-City and 20-City Composite Home Price Indices fell 4.5 percent and 5.3 percent, respectively, in November compared to the same month last year.

Las Vegas prices were off 24.5 percent year-to-year -- the worst showing in the 20-city index -- as the recession and associated foreclosures continued to depress prices in Southern Nevada.

"For Las Vegas, in particular, prices have declined for 39 consecutive months, with a peak-to-trough reading of -55.6 percent. It is now just 4 percent above its January 2000 level. This compares to its peak in August 2006, when the average home price was 135 percent above that same level," S&P said in its report.

Nationwide, the index found mixed signals on the direction of housing prices.

"On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery," David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement.

The Case-Shiller numbers trail by one month statistics for existing home sales issued by the Greater Las Vegas Association of Realtors (GLVAR).

GLVAR reported that for December, the median price of single-family homes sold in Southern Nevada was $136,000, down 2.9 percent from $140,000 in November and down 22.3 percent from $175,000 one year ago.

The median price for condos and townhomes fell 4 percent, from $68,000 in November to $65,300 in December. That’s down 27.4 percent from $89,900 one year ago.

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