Las Vegas new-home prices rose in March, bucking a national trend, The Wall Street Journal reported this week.
And Opendoor, a real estate technology company helping homeowners sell homes by offering to buy those homes, is seeing this trend’s dynamics in Southern Nevada.
Opendoor, which is based in San Francisco and has Las Vegas offices, uses software, including a smartphone app, and market data to buy, list and re-sell the homes it buys.
The Journal said Las Vegas had the nation’s fastest home-price growth in the for the 10th straight month, at 8.2 percent. Phoenix followed with 6.1 percent growth. These cities’ trends contrasted with other Western U.S. markets; Seattle and San Francisco both had double-digit-percentage annual price gains a year ago but are growing just more than 1 percent now.
The Journal reported Tuesday that the S&P CoreLogic Case-Shiller National Home Price Index, which gauges average home prices in major U.S. metropolitan areas, rose 3.7 percent in the year ending in March, down from 3.9 percent the previous month.
Existing-home sales have also been declining, falling 4.4 percent in April from a year earlier, the Journal reported, their 14th straight monthly year-to-year dip.
“For the past few years, home prices in the Valley have skyrocketed, but that’s not sustainable in the long run and we’re already seeing a bit of a cooldown,” said Ana Usma with Opendoor. “We expect the market will continue to equalize and become friendlier for buyers as metro-wide price increases cool down.”