Las Vegas a leader in home price surge
City up 9 percent over last year vs. 6.2 percent nationally
WASHINGTON — U.S. home prices rose at the fastest pace in more than three years in September with Las Vegas and two other cities notching the highest annual gains.
The Standard & Poor’s Corelogic Case-shiller national home price index released Tuesday rose 6.2 percent in September from a year earlier, the largest gain since June 2014. In 13 of the 20 cities tracked by the index, yearly price gains in September were faster than in August.
Homebuyers are desperately bidding up prices because so few properties are available. The number of homes for sale in September was the fewest for that month on records dating back to 2001, according to the National Association of Realtors. And homebuilders aren’t yet putting up enough new homes to reduce the supply crunch.
Besides Las Vegas, Seattle and San Diego reported the highest year-over-year gains. Home prices jumped 12.9 percent in Seattle, 9 percent in Las Vegas and 8.2 percent in San Diego. Las Vegas, one of the hardest-hit cities in the housing bust, has been making a comeback since prices bottomed out in 2012.
Southern Nevada was a poster child for the mid-2000s bubble, with skyrocketing home prices and booming construction. Today,
HOME PRICE
mond, a former Las Vegas hotel executive who has spent the past year serving as Allegiant’s president.
The hotel-condo complex, estimated at $600 million, is set to open by early 2020 less than six miles from Punta Gorda Airport, where Las Vegas-based Allegiant is the sole air carrier. More than half of the discount carrier’s planes and
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passengers fly to Florida as a destination.
Contact Art Marroquin at amarroquin@reviewjournal. com or 702-383-0336. Follow @ Amarroquin_lv on Twitter.