Thursday, March 08, 2007
S&P says Las Vegas housing not so hot
You may recall several Stuccoed blogs lately about the Las Vegas housing market—how given perspective gained from a three- to four-year outlook, the market is relatively good after enjoying several years of multi-digit property value increases. According to the Standard & Poor's/Case-Shiller home price index, in 2004 Las Vegas enjoyed a 53 percent year-over-year rise in single-family homes. We set the mark for best annual performance. Last week the final numbers were reported for 2006. True, home prices have peeked and since dropped. Still, in 2006 prices rose 0.9 percent. I wouldn't call that a disaster. The report is a bit skewed because it only accounts for single-family homes and not condominiums. This is a detail that remains a missing part of the equation for Las Vegas housing reports. 
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