Las Vegas home prices continued to tap the brakes in March but still grew more than twice as fast as the national average, a new report shows.
Southern Nevada prices were up 8.2 percent year-over-year in March, compared to a 3.7 percent gain nationally, according to the S&P CoreLogic Case-Shiller index released Tuesday by S&P Dow Jones Indices.
Las Vegas’ prices rose fastest among the 20 markets in the report for the 10th consecutive month, though the growth rate has slowed locally and nationally.
Last August, for instance, Southern Nevada home prices were up 13.9 percent from a year earlier, S&P Dow Jones previously reported.
The downshift is one sign of Las Vegas’ housing pullback. Sales totals are tumbling as well, and the once-shrunken inventory of available listings has shot back up, all of which followed a stretch of fast-rising prices and rising mortgage rates that, collectively, sparked affordability concerns.
A total of 7,435 single-family homes were on the market without offers at the end of April, up almost 95 percent from a year earlier, according to the Greater Las Vegas Association of Realtors.