Las Vegas Home Appreciation Slows
Las Vegas home price appreciation slowed in October as sales of re-sale homes showed a slowing trend into the fall months. Average appreciation slowed to 3.0% for the month on a year-to-year basis, according to the Core Logic Housing Price Index. However, home prices are projected to increase more over the next year, with low mortgage rates as the Fed keeps interest rate costs at near historic lows.
Housing appreciation topped out at more than 10.5% in Las Vegas since crashing more than a decade ago during the U.S. financial crisis. The CoreLogic HPI provides measures for multiple market segments based on property type, price, time between sales, loan type and distressed sales, which include foreclosures and short sales.
Nationally, the year-over-year home price increased by an average of 3.5%. All states posted an annual decline in home prices during the month.
Home prices nationwide, including distressed sales, increased year over year by 3.5% in October 2019 compared with October 2018 and increased month over month by 0.5% compared with September 2019.
The Core Logic HPI Forecast indicates that home prices will increase by 5.4% on a year-over-year basis on average from October 2019 to October 2020. On a month-over-month basis, home prices are expected to increase by 0.2% from October 2019 to November 2019 in the U.S.
The forecast is a projection of home prices using the Core Logic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.