Las Vegas home prices rise slightly but are still down 60 percent from peak
Las Vegas home prices rise slightly but are still down 60 percent from peak
Steve Marcus / File photo
The downturn in the real estate market has lowered home prices, such as in this Henderson neighborhood, to levels not seen in years.
Tuesday
31 July 2012
2:21 p.m.
31 July 2012
2:21 p.m.
Home prices in the Las Vegas Valley inched up in May but still are down from a year ago, a new report out today said.
Average home prices in the Las Vegas area rose by 1.9 percent in May compared to April, according to the S&P/Case-Shiller Home Price Indices. However, they remained down 3.2 percent from May 2011.
Local average home prices are still more than 60 percent below their August 2006 peak, the report noted .
Only three cities nationally — Boston, Detroit and Charlotte, N.C. — saw their annual returns worsen in May. In addition, Atlanta was down 14.5 percent year-over-year and was the only city posting a double-digit negative annual return.
Phoenix posted the best annual return in May. Average home prices there were up 11.5 percent from May 2011, although prices were still more than 50 percent below their peak in June 2006.
Nationally, average home prices rose by 2.2 percent in May over April for cities tracked in the report.
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