According to a report by Realtor.com, Las Vegas home prices are expected to continue an upward spiral by rising 7.9%, second only to Grand Rapids, MI., which are expected to jump 8.2%. The national median for home price appreciation clocks in at 2.2%. The same report projects sales in the Las Vegas area going to go up by 0.9% as compared to a 2% drop nationwide.
Southern Nevada’s housing market accelerated in the past year or so amid low inventory and strong demand, but lately, amid higher mortgage rates, fast-rising prices and affordability concerns, sales have slowed and inventory has surged compared with a year ago.
Las Vegas home prices were up 13.5 percent year-over-year in September, more than double the national rate of 5.5 percent, according to the latest S&P CoreLogic Case-Shiller index. Southern Nevada’s growth rate was fastest among the 20 markets listed in the report for the fourth straight month, and before it led the pack, it was second to Seattle for 10 consecutive months.
Across the U.S., buying a home “will be an even more expensive undertaking in 2019” as borrowing costs and home prices climb. More buyers will be priced out, and inventory is rising, but sellers “need to be mindful” of increased competition and “shouldn’t necessarily expect to name their price and get it in full — a change from the past few years,” said the report from Realtor.com.
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