Home prices in the Las Vegas area have been on the rise since the return of the market in 2012. During that time, home prices in the region have been on what could rightly be called a meteoric rise.
From 2018 to today, that rise has finally begun to slow and return to more historic increase levels.
In 2018, home prices were 13.5 percent higher than in 2017. As of August 2019, the year-over-year increase is just 3.4 percent. This is much more in line with historic norms.
There are also more homes on the market and a larger overall inventory. In fact, the number of houses on the market at the end of August without offers on them was up 33.5 percent over the previous year.
What this means for buyers and sellers
This change in the rate of home prices increases has implications for both buyers and sellers.
For sellers, it means that they can continue to expect to see the value of their home increases. While that increase might not be as rapid as was just a year ago, it's still an increase in home values and will get them more money for their home.
For buyers, it means that home prices will be a bit more predictable than they were just a year ago. This helps buyers to know that the price they see this month is likely to be closer to the price they'll see next month. Predictability in home prices will probably increase the number of buyers over time.
Buyers will also benefit from an increase in the number of homes on the market. There are more homes to choose from and more competition to keep the price of homes down.