Although the report could be worse, John Burns Real Estate Consulting says property values have not appreciated in recent years, and may soon decline according to a falling demand for single-family homes.
The news came out this week to various groans and mild dismay. Las Vegas had hoped to pull itself from the depths of its last depression, and had looked on track to reach some new highs. But those hopes may now be postponed.
Year-over-year resale deceleration has hit 11 percent. Las Vegas now stands fourth in the U.S. with the sharpest deceleration in home resale prices.
The year-over-year rate of home deceleration compares the present price appreciation with that of last year’s appreciation, which shows a steep downturn in property movement.
The median sale price for an existing home in Las Vegas has kept near $300,000 and shows no sign of appreciation. Additional construction, and changes in the rental market have also disrupted prices.