Listing inventory in Las Vegas dropped by 25% over the last year …. median list price rose by 12.5%.
The Las Vegas real estate market has had mostly bad news for the last five years. After all, this was one of the cities hit hardest by the housing collapse.
Home prices in Las Vegas began dropping in the fall of 2006, ahead of the national downturn, and they didn’t stop falling until the end of 2011. This put thousands of homeowners underwater and left entire neighborhoods in a distressed state.
With all of that drama in mind, it’s nice to share some good news for a change. A recent report shows that local real estate prices are on the rebound.
According to the latest release of the S&P/Case-Shiller Home Price Index, Las Vegas home prices have risen by double digits, year over year. The report was released on January 29, 2013 and contained data through the end of November 2012.
By their numbers, housing prices in the Las Vegas real estate market rose 10% from November 2011 to November 2012. The numbers were positive at the monthly level as well. This will no doubt be welcome news for many homeowners in the area.