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Las Vegas Housing Prices Drawing Winning Hand

The Las Vegas Review-Journal reports that more than 13 years after the housing market peaked, home prices in Las Vegas in September nearly matched pre-recession highs. 

However, the Review-Journal states the gap is bigger than it appears when inflation is accounted for, leaving prices “way off” from pre-recession highs. 

The median-sales price of single-family homes was $310,000—an increase of 1.6% from August and an annual increase of 3.3%, according to the Greater Las Vegas Association of Realtors (GLVAR). 

A total of 2,750 houses were sold last month, which is down 13.2% from August but a 12.9% jump from September 2018. Continually, 7,334 single-family homes were on the market without offers at the end of September—down 5.6% from August and up 19.3% annually.

The Review-Journal stated Las Vegas was “ground zero” for the real estate bubble in the mid-2000s, mostly due to growing property values, rising construction, and home flipping. According to the GLVAR, the average price of single-family homes peaked in June 2006 at $315,000—$398,300 in today’s money—nearly $88,100 above last month’s average. 

Southern Nevada was also hit hard during the Great Recession as foreclosures, falling property values, and abandoned real estate projects. The median-sales price of a single-family house hit $118,000 in January 2012, which is 62.5% drop from the peak. 

The Review-Journal reported last month that the housing market in Las Vegas was stabilzing for the first time in decades. 

The report found that buyers purchased 3,168 single-family houses in August, which is up 0.3% in July and an annual increase of 3.1%. Fewer homes were on the market in August at 7,766, which is down 0.5% from the prior month. 

Also, the Review-Journal states that Las Vegas home prices have been a “roller coaster” over the past 15 years. Janet Carpenter, President of the GLVAR, said prices soared in the mid-2000s, fell in the Great Recession, and have been “ramping back up” since 2012.

“If you look at it that way, I guess you can say we’re coasting along right now,” Carpenter said.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.

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