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Tuesday, Nov. 30, 2010 | 8:19 a.m.
The Las Vegas housing market was among the best performers nationwide in September, new data today from the Standard & Poor's Case-Shiller Home Price Indices show.
No, the boom-year conditions of 2006 did not return to Las Vegas.
Rather, the rest of the nation had a terrible month when it came to home sales, which made Las Vegas look like a star.
And, compared to itself, Las Vegas is looking slightly better as it rebounds from a four-year low hit in July.
Standard & Poor's today said home prices in Las Vegas in September edged up 0.1 percent from August and that Las Vegas and Washington, D.C., were the only markets of the 20 tracked by S&P to show monthly gains.
Las Vegas prices as tracked by S&P also rose 0.1 percent from July to August.
Overall, the 20-city average home price declined 0.7 percent from August to September.
On a year-to-year basis, prices for the 20 cities rose 0.6 percent with Las Vegas prices falling 3.5 percent from September 2009 to September 2010. But, for a change, Las Vegas didn't lead the list in year-to-year declines. That distinction went to Chicago, down 5.6 percent.
Las Vegas prices did fall, on a seasonally-adjusted basis, 0.2 percent from August to September. That compares to an average decline of 0.8 percent on a seasonally-adjusted basis for the 20 big U.S. cities tracked in the report. In August, Las Vegas prices had declined 0.5 percent from July based on the seasonally-adjusted numbers.
Overall, analysts at Standard & Poor's expressed disappointment today at the nationwide numbers in their widely-tracked report.
"While some of the bad numbers may reflect the end of the government’s tax incentive for first time homebuyers, there are other problems weighing on the housing market." David Blitzer, chairman of the Index Committee at Standard & Poor's, said in a statement. "The national economy is certainly the number one issue for housing. Additionally, there is a large supply of houses on the market and further, hidden supply due to delinquent mortgages, pending foreclosures or vacant homes. New construction is running at less than half the pace needed to meet normal demand, so a sustained recovery could be a ways off."
Today's numbers follow the release earlier in the month of home price statistics by the Greater Las Vegas Association of Realtors.
With the Las Vegas-area economy struggling with a high foreclosure rate and a high unemployment rate (14.1 percent), the median single-family home price in Southern Nevada during October was $133,000, down 1.5 percent from $135,000 in September and down 4.4 percent from $139,100 in October of 2009.
Although this would appear to be good news one month doesn't make a trend. You need 6 months of positive gains before you can claim we're climbing out of this hole. It would be interesting to see how many homes currently on the market are bank owned vs privately owned.
this is the kind of article that hurts people...
if the sun wanted to provide complete information they would report on the shadow inventory...
about how many bank owned properties there are in las vegas that are not for sale...
about the percentage of homes that are under water...
about the unemployment rate...
about prospects of future jobs...
up 0.1% on a month over month basis...
come on man...
that's not news...
that's spin...
that's how people get hurt...
and the realtors say...
now is the perfect time to buy...
did you expect anything different...
what a joke!!!
Lies, damned lies and statistics. Case Schiller shows that Las Vegas has the largest percentage drop in home prices from bubble peak to present,
-57.6%
Once again Vegas is number 1!
The Obama-Reid recovery is on track
Once again, this article is baloney.
You have to wait for the last paragraph to see the word median". This article talks about median prices. Median prices have nothing to do with the value of individual homes, which continue to go downnnnnnnnn.
I want a stabbin cabin at Allure. :)
The Obama-Reid recovery is stuck in a ditch with neither Obama or Reid willing to get out and do what is necessary to get the vehicle moving again...
Neither Barry nor Harry know what to do to fix the problem....