LAS VEGAS (KLAS) — Home prices in Las Vegas are the fastest growing in the nation, bucking a trend of lower prices among many big cities.
Southern Nevada prices were up 7.1% from April 2018 to April 2019 in the S&P CoreLogic Case-Schiller index released Tuesday. The rest of the country saw a more modest, 3.5% gain over that same period.
Vegas home values grew more any of the other 20 large markets in the survey for the 11th consecutive month. Our neighbors in Phoenix were not far behind with a growth-rate of 6%, followed by Tampa, Florida at 5.6%. Nine of the 20 cities reported greater price increases in the year ending April 2019 versus the year ending March 2019.
Despite the increases there are signs the local housing market is cooling, even if just slightly. Southern Nevada home prices had seen year-over-year increases close to 14% at times during 2018. Sales totals are lower and the inventory of homes on the market has increased.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.5% annual gain in April, down from 3.7% in the previous month. The 10-City Composite annual increase came in at 2.3%, up from 2.2% in the previous month. The 20-City Composite posted a 2.5% year-over-year gain, down from 2.6% in the previous month.
The Associated Press contributed to this report