In raw numbers, Las Vegas' house prices for September 2019, are near pre-recession prices. When the housing bubble was in full roar in 2006, the prices hit their all-time high.
Today, housing prices appear the same, but when adjusted for inflation, prices aren't nearly that high. In September, the median home price was $310,000. Just $5,000 below the record high, the area is seeing great prices.
Nonetheless, when adjusted for inflation, the 2000's price of $315,000 becomes over $398,000. The actual price difference, once adjusted, is over $88,000.
September's median home price of $310,000 was 1.6 percent higher than August and up 12.9 percent year-over-year.
For anyone who lived here in 2011 or 2012, it was well-known that Las Vegas was the epicenter of the bubble burst. Housing prices dropped down to $118,000, a record low. Since that time, housing prices have been climbing steadily to today's current level of $310,000.
In another indicator that housing in Las Vegas is not at pre-housing bubble levels, house closings are not near the peak of the housing crisis. In 2005, Southern Nevada house closures hit a peak of 39,000, whereas in 2018, house closings were 10,670.
With this information, real estate professionals believe that the region is not in a "housing bubble" and that the growth of the post-bubble era are sustainable and unlikely to lead to a housing crash.
"With demand staying strong and our local housing supply remaining tight, I wouldn't be surprised to see this trend continue into the foreseeable future," GLVAR President Janet Carpenter, told the Las Vegas Review-Journal.