Las Vegas Home Prices Reach 1998 Levels

Las Vegas Home SalesLas Vegas home values slid in August to a new post-recession low and to levels last seen in October 1998 in a widely-watched real estate report released today. The Standard & Poor’s/Case-Shiller home price indices report found values in a 20 big U.S. cities it tracks rose an average 0.2 percent from July to August but fell 0.3 percent Las Vegas.The Standard & Poor’s numbers are reported in index values, rather than dollar amounts.

Each city it tracks was assigned an index value of 100 in Jan 2000, meaning a city with a current index value of 150 would have experienced a 50 percent appreciation rate since then for a typical home in that market. Las Vegas’s current index value is 95.18.

Other cities with declines in August were Atlanta, down 2.4 percent; Boston, down 0.1 percent; Los Angeles, down 0.4 percent; Miami, down 0.3 percent; Phoenix, down 0.1 percent, San Diego, down 0.2 percent; San Francisco, down 0.1 percent; Seattle, down 0.3 percent and Tampa, down 0.1 percent. The overall index grew thanks to gains in Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Minneapolis, New York, Portland, Ore., and Washington.

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