LAS VEGAS, NV (KXNT) - In a rather odd turn of events, new reports show that the once red-hot Las Vegas housing market now slowing to the point where house appreciation values now trail the national average.
The new report is from the S&P CoreLogic Case-Shiller index, which looked at home prices for the year 2019.
Overall, southern Nevada home [prices rose at a rate of just 2.6 percent last year, trailing the national average of 3.5 percent.
Only New York, San Francisco and Chicago saw slower price growth.
In years following the Great Recession, Las Vegas home values often led that nation. That started to slow down a few years ago as available supply started to exceed demand.
Among the 20 markets studied, Phoenix had the largest price growth (5.9%).
The CaseShiller report says strong demand remains less expensive (or, if you prefer, “affordably priced”) homes, and that a shortage of available homes for sale “poses a looming threat” to the housing market.