March 6, 2020 | Las Vegas Review-Journal | Eli Segall
After more than 13 years, Las Vegas house prices have finally eclipsed their bubble-era peak.
But they remain well below those of the boom days when adjusted for inflation – underscoring just how bloated the market got before it crashed, and how long the trek back has taken in the epicenter of America’s real estate collapse.
February 13, 2020 | Las Vegas Review-Journal | Eli Segall
In a neighborhood of 1960s-era homes a few miles east of the Strip, a house was spruced up with new paint, appliances and other upgrades.
Last year, the owners flipped it for nearly 20 percent more than what they paid for it.
Las Vegas’ housing market overall cooled off last year with slower price growth and slumping sales. But similar to prior years, the fastest-growing prices tended to be in older, more centrally located areas of the valley, while the highest values are in the outer-ring suburbs, a new report shows.
February 4, 2020 | LAS VEGAS BUSINESS PRESS | BUCK WARGO
Las Vegas set a record in 2019 for the two most expensive high-rise resales in its history as the high-end luxury market of $1 million and more carried the day over lower-priced units in the valley.
The record-setter at $12.5 million at the Palms Place is the highest-known sale recorded on the Multiple Listing Service and set the tone for 2019.
The high-rise condo market saw 27 percent fewer sales in 2019 in 21 towers tracked by research firm Applied Analysis. Overall in 2019, luxury sales of $1 million or more were the strongest price segment with 60 sales, down only two from 62 in 2018, the firm reported.
January 29, 2020 | Las Vegas Review-Journal | Eli Segall
Las Vegas home prices rose at one of the slowest rates in the nation in November, a new report shows, underscoring the market’s cooldown last year.
Southern Nevada prices were up 2.6 percent year over year in November, compared with 3.5 percent nationwide, according to the S&P CoreLogic Case-Shiller index released Tuesday by S&P Dow Jones Indices. Las Vegas ranked the fourth-lowest for price growth, ahead of only New York (0.8 percent), San Francisco (0.5 percent) and Chicago (0.4 percent).
January 17, 2020 | Las Vegas Review-Journal | Eli Segall
Las Vegas’ foreclosure rate was above the national average in 2019 but fell to its lowest point in years, a new report shows.
About 0.46 percent of homes in the Las Vegas area were hit with foreclosure-related filings in 2019, versus 0.36 percent nationally, according to housing tracker Attom Data Solutions.
By comparison, 0.67 percent of Las Vegas-area homes were hit with foreclosure papers in 2018, and 12 percent received them in 2009, after the housing bubble burst and the valley’s economy went into a nosedive.