Home price trends in Las Vegas

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City-by-city price comps
Las Vegas

The city’s high rate of foreclosures — seven times higher than the national average — was No. 2 in RealtyTrac’s 2008 report, behind Stockton, Calif., with nearly 40 percent of the foreclosure activity in the $100,000 to $300,000 price range, according to John Burns Real Estate Consulting. Annual resale volume is up by 36 percent year-over-year, the consulting firm reports. New home sales activity is expected to continue to decline through 2010. Local Market Monitor places Las Vegas in the top 10 markets to expect the worst performance in home prices this year.

Median price end of 2008: $181,700
Median price end of 2007: $273,500
Percent change: -23.7%
Projected change through Q3 2009: -0.6%
Affordability rating: 0.0
Foreclosures in 2008:
(1 for every 11 households)
Foreclosures in 2007:
(1 for every 24 households)
Change in foreclosures: 121.3%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -55.7%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $247,600
Q2 2008 local median price: $235,300
Q3 2008 local median price: $211,600
Q4 2008 local median price: $181,700

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