Even though home prices grew more slowly in March than they have been, they still outpaced the rest of the nation by 2x. Southern Nevada home prices grew 8.2 percent over March of last year. The US as a whole only grew 3.7 percent in the same time, according to the S&P CoreLogic Case-Shiller index.
This growth has slowed, when it peaked August 2018, when the increase was 13.9 percent higher than the year before.
Las Vegas led the nation as the fastest growing of the 20 fastest growing markets for the 10th month in a row. The growth rate, both in Southern Nevada and the US as a whole has slowed.
Sales have slowed along with this slowing in price increases. Inventory has risen and mortgage rates are slowly rising, feeding concerns that the slowdown might be long term.
The inventory of available homes is twice what it was just a year ago. April ended with almost 7,500 homes for sale, nearly 100% more than April of last year.
The market is off enough that home sellers are dropping their asking prices in order to sell their homes. Two years ago, home sellers could set their prices and expect to have it beat by buyer competition. Today, the sellers are retreating and buyers are finding the market favors patience and bargain shopping.
In essence, the market growth has reached the buyers' limits and sellers are needing to reel in expectations and asking prices to sell their homes. This is likely to reach an equilibrium as the region is also experiencing massive population growth, much of it from California. With home prices much higher in Southern California, Las Vegas' home prices don't produce sticker shock those leaving the LA and San Diego areas.