Las Vegas Home Prices Set To Rise In 2019 Acc To Realtorcom

Las Vegas Home Prices Set To Rise In 2019 Acc To Realtorcom

Las Vegas home prices set to rise nearly 8 percent in 2019

Workers build a home in Summerlin in 2014. (Las Vegas Review-Journal) Workers build a home in Summerlin in 2014. (Las Vegas Review-Journal)

By/Las Vegas Review-Journal November 29, 2018 - 6:05 pm

Las Vegas home prices will keep rising at one of the fastest rates in the country next year, and sales will only creep up, according to a new forecast.

Home-listing site Realtor.com said this week that it expects Las Vegas-area home prices to rise 7.9 percent in 2019, second-fastest in the nation to Grand Rapids, Michigan, where prices are forecast to jump 8.2 percent.

Nationally, it expects the median resale price to climb by 2.2 percent.

Realtor.com also said sales totals would rise by 0.9 percent in the Las Vegas area, compared with a 2 percent drop nationwide.

Southern Nevada’s housing market accelerated in the past year or so amid low inventory and strong demand, but lately, amid higher mortgage rates, fast-rising prices and affordability concerns, sales have slowed and inventory has surged compared with a year ago.

Las Vegas home prices were up 13.5 percent year-over-year in September, more than double the national rate of 5.5 percent, according to the latest S&P CoreLogic Case-Shiller index. Southern Nevada’s growth rate was fastest among the 20 markets listed in the report for the fourth straight month, and before it led the pack, it was second to Seattle for 10 consecutive months.


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Dated: November 30th 2018
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