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Southern Nevada home prices up more than twice national rate

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By Eli Segall | Las Vegas Review Journal

Las Vegas home prices keep rising fastest among major cities, a new report shows, and buyers are pulling back.

Southern Nevada prices were up 13.5 percent year-over-year in September, more than double the national rate of 5.5 percent, according to the S&P CoreLogic Case-Shiller index released Tuesday.

Las Vegas’ price growth was fastest among the 20 markets listed in the report for the fourth straight month. Before it led the pack, it was second to Seattle for 10 consecutive months.

Locally, home prices accelerated in the past year or so amid low inventory and strong demand. But lately, amid higher mortgage rates, fast-rising prices and increased affordability concerns, Las Vegas’ market has shown some signs of a cooldown.

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