LV home prices up; fastest U.S. pace

But sales drop among more selective buyers

Las Vegas home prices grew at the fastest pace nationally for a full year, a new report shows, but the market locally and nationally has let off the gas.

Southern Nevada prices were up 6.4 percent yearover-year in May, compared to 3.4 percent nationally, according to the S&P Corelogic Case-shiller index released Tuesday by S&P Dow Jones Indices.

Las Vegas’ price growth was highest among the 20 markets in the report for the 12th consecutive month, though the rate of acceleration has slowed considerably since last summer.

In August 2018, Southern Nevada prices were up nearly 14 percent from a year earlier, S&P Dow Jones previously reported.

It’s not the only sign of Las Vegas’ housing slowdown. Amid higher prices, buyers are picking up fewer homes, and the once-depleted tally of listings without offers has shot back up.

Price growth has slowed around the country as well. In June of 2018, for instance, U.S. home prices were up 6.2 percent from a year earlier.

“Thwarted by climbing prices for years, buyers are no longer willing to pay any price,” Matthew Speakman, an economist with home-listing site Zillow, said in a statement Tuesday.

it’s being developed by the Genting Group as Resorts World Las Vegas.

Meanwhile, with Eldorado Resorts Inc. making a run at Caesars Entertainment Corp. and likely to divest properties, the prospect of a Boyd deal is in play. But Smith wasn’t ready to commit to pursuing whatever Eldorado sells.

Asked how he would view a prospective Strip opportunity, Smith said the company would evaluate it like any other asset.

“I think we’d look at it like all acquisitions,” he said. “We’ve said in the past on prior calls that we certainly would like to get back on the Las Vegas Strip with an asset at some point in our future. It doesn’t drive us, we don’t think about it day and night, we keep our eyes open for opportunities.” Net income Earnings per share

Hirsberg added, “As an acquisition that is purely opportunistic comes our way and fits our criteria, that’s when we’ll be interested in it. Otherwise, we’re fine tending to our own business.”

And that’s what the company did during the quarter that ended June 30.