Las Vegas home prices rising faster than US average, report says

Las Vegas house prices are rising faster than the U.S. average, but the pace of growth has slowed locally and nationally in the past year, according to a new report.

Nationwide, house prices in March were up about 3.4 percent from the same month last year, compared with a roughly 6.5 percent year-over-year jump in March 2024, according to the S&P CoreLogic Case-Shiller index released Tuesday.

In Southern Nevada, house prices in March were up about 4.7 percent from a year earlier, compared with an annual gain of 7.7 percent in March 2024, according to Case-Shiller data.

Among the 20 metropolitan areas listed in the report, New York posted the highest annual price gain in March, at nearly 8 percent, while Tampa, Florida, was the only market where prices fell from a year earlier, slipping almost 2.2 percent.

Overall, limited supply and steady demand pushed up prices across most metro areas, said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, in a news release.

But affordability challenges remained “firmly in place,” and price growth continued to decelerate, he said.

Locally, home sales tumbled last month amid high prices and elevated mortgage rates.

Homebuilders logged 766 net sales — newly signed sales contracts minus cancellations — in April in Southern Nevada, down 29 percent from the same month last year, according to a recent report from Las Vegas-based Home Builders Research.

The sharp drop occurred during what is typically the spring buying season.

“The market is steadily slowing week to week lately, unexpected for this time of year,” wrote Home Builders Research President Andrew Smith.

Buyers also picked up fewer homes on the resale side last month, and inventory soared.

Around 2,170 previously owned single-family homes traded hands in April in Southern Nevada, down 7 percent from the same month last year, according to trade association Las Vegas Realtors.

Plus, more than 6,200 houses were listed for sale without any offers at the end of April, up almost 79 percent year-over-year, the group reported.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.