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27 September 2011
8:15 a.m.
Home price changes in selected cities - July 2011 v. July 2010
- Atlanta -5 %
- Chicago -6.6%
- Detroit +1.2%
- Las Vegas -5.4%
- Los Angeles -3.5%
- New York -3.7%
- Phoenix -8.8%
- San Francisco -5.6%
- Source: Standard & Poor’s
Las Vegas home prices retreated in July to a new low during the current recession, debt rating agency Standard & Poor’s reported today.
Standard & Poor’s issued its monthly S&P/Case Shiller Home Price Indices, with the closely-watched report showing prices increasing around the country in July – with Las Vegas and Phoenix being the exceptions.
With Nevada still struggling with elevated foreclosures and unemployment (13.4 percent), home prices in the Las Vegas-area fell 0.2 percent in July, a reversal from a rare gain in June of 0.1 percent.
This means prices locally have fallen in nine of the past 10 months, according to Standard & Poor’s.
In fact, Las Vegas prices are now back to November 1998 levels after peaking during the economic boom in August 2006. The July performance moved Las Vegas to a new low since the August 2006 peak.
The decline in Las Vegas in July compared to a gain of 0.9 percent for the 20 big U.S. markets tracked in the report.
On a year-over-year basis, prices in Las Vegas were down 5.4 percent in July vs. the 20-city average decline of 4.1 percent.
On a seasonally-adjusted basis, the performance for Las Vegas in July was even worse, down 0.7 percent, Standard & Poor’s said. That compares to a decline of 0.4 percent in June.
Today’s numbers compare to statistics for August from the Greater Las Vegas Association of Realtors showing the median price of a single-family home sold locally was $120,000, down 1.6 percent from $122,000 in July and down 14.3 percent from $140,000 in August 2010.
As for the nationwide monthly increase for July reported today by Standard & Poor's, analyst David Blitzer there said today: “While we have now seen four consecutive months of generally increasing prices, we do know that we are still far from a sustained recovery.’’
He noted prices in 18 of the 20 cities in the indices remain down from year-ago levels.
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Great, I'm looking forward to more escrow surplus/refund checks...
Most of the houses here don't cost very much to build, all the materials are absolutely the cheapest you can buy, the labor was cheap, and you're purchasing real estate in a desert...
No reason for high prices, this place can't even sustain the population of people it has currently.
@ TheSerfAttack, "It's better to stay silent and look a fool, rather than speak and remove all doubt."- Mark Twain
The average hourly wage in Nevada continues to drop. The Casinos have recovered but their corporate owners live in other States, likewise for the Mining industry.
These people have found that a large, unemployed labor pool is the certain way to reduce wages. The are working for themselves, not Nevada or America.
Wealth has never needed or wanted a Democracy because it means sharing their power and money with the rabble on the streets. This is the story of Europe before WWII.
Control the Government by buying up the representatives and they can plunder the environment and the population at the same time and pay no taxes. If the rabble want roads, let them pay for the roads! Watch what is happening in America today.