Despite its improved housing market, Las Vegas has the smallest share of homes in the country whose values have recouped their post-bubble losses, a new report shows.
Just 0.6 percent of homes in the Las Vegas area have surpassed their pre-recession peak values, according to listing service Trulia. Tucson, Arizona, had the second-smallest share at 2.4 percent, while Denver topped the list at 98.7 percent.
Nationally, the rate was 34.2 percent, Trulia reported.
Las Vegas was a poster child for the housing boom and bust, and its economy, despite making headway in recent years, still lags behind most cities in some ways. According to San Francisco-based Trulia, Las Vegas is “the least recovered housing market” among the 100 largest in the country.
Southern Nevada home prices have bounced back from the depths of the recession. But as Trulia’s findings show, they are still, for the most part, well off the peaks of the bubble years last decade.
The median sales price of previously owned single-family homes — the bulk of Las Vegas’ market — was $242,000 in March. That’s more than double the market’s low point but still below its peak of $315,000 in 2006, according to Greater Las Vegas Association of Realtors data.
Contact Eli Segall at email@example.com or 702-383-0342. Follow @eli_segall on Twitter.