Californians are still leaving the Golden State and tha's still driving the housing market in Las Vegas, but at a more reasonable pace.
In the past few years, the Las Vegas market has been recovering its home prices at a breakneck pace. This has been caused by a huge number of factors: a solid economy nationally and locally, a very low bottom after the housing crisis, and a California exodus due to the high cost of living in the Golden State, among others.
Home prices continue rise versus last year, but at a more moderate pace. In fact, price growth has reached a more historic and sustainable level.
The Greater Las Vegas Association of Realtors (GLVAR) reports that home prices in August of 2019 were $10,000 higher over the year before ($305,000 versus $295,000).
"Local home prices are still appreciating compared to last year at this time, but at a rate more in line with historic averages," GLVAR President Janet Carpenter told Fox 5 KVVU-TV.
For Californians, that is an extremely low price. In Los Angeles, $305,000 is less than half the city-wide home price average. In San Francisco, the median home price hit $1.7 million! San Diego's home is the lowest of the three and homes prices are over $570,000.
Despite the influx of Californians, the number of homes on the market also increased over the last year. For buyers, that means that there are more choices and a better opportunity to get exactly what they want. For sellers, this means that, while homes might sell a bit more slowly, they are still selling and home prices are holding on well.