Home Prices Shooting Up The Most

Home Prices Shooting Up The Most

Where Are Home Prices Shooting Up the Most? Not Where Many Buyers Expect

By  | May 1, 2018

Home prices in Las Vegas are shooting up higher than the hotel and casino towers on the glittering Strip.

Prices for single-family homes were up across the nation by about 7% annually as of March. But Las Vegas led the pack of metros, with the largest annual price hike, 12.6%, as of March, according to real estate data firm CoreLogic's recently released Home Price Index. (That's higher than San Francisco, where single-family homes were 10.8% more expensive year over year.)

Among the states, Nevada tied with Washington for the largest price gains, at 12.6%, according to the report. Sorry, Silver State buyers.

Related Articles

"California is losing its luster," says Danielle Hale, chief economist at realtor.com® . "These areas [that topped the list] have a lot of California-like amenities—dry, sunny weather and great outdoor activities—but they don’t have exorbitantly high home prices, congestion.”

Nevada and Washington were followed by Idaho, at 12.3%, and Utah, at 11.2%. California rounded out the top five at 8.9%.

These states are "definitely more affordable than California, but prices are up quite a bit," Hale says. “People coming in to those markets are not going to be priced out. But those who are already in those areas could be.”

The dramatic rise of Las Vegas' housing market is rooted in its crash when the housing bubble burst, says local real estate agent and property manager Bryan Kyle of First Serve Realty. The Sin City metro area was among the hardest hit in the nation, so "there was more space to come back up," he says.

The market has been gradually picking up steam for the last three years, Kyle says, and now, with a strong job market and a flood of buyers, there is nary an affordable home to be found.

More affordably priced homes typically receive several offers and can sell for more than their asking prices: "If we put a home on the market for $350,000, it sells immediately.”

All of the cities and states where prices are rising the most are seeing strong job growth, says Frank Nothaft, chief economist of CoreLogic.

"Millennials move there for the job opportunities," Nothaft says. And once they arrive, they compete with locals for a very limited supply of properties, driving up prices. "That's adding to the demand to buy homes.”

Nationally, each state saw single-family home price increases. But some saw much lower bumps. Wyoming had the lowest price gains, at just 0.4% as of March. Washington, DC, wasn't too far behind at 1.4%; followed by Alaska, at 1.7%; Oklahoma, at 1.9%; and South Dakota, at 2%.

Manuel Cortez Headshot
Phone: 956-330-9330
Dated: May 30th 2018
Views: 462
About Manuel: ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Mortgage Rates Will Rise In 2021 - Advertiser DisclosureMortgage
Your Local Mortgage Lender - From your local mortgage lender :
6 Things Every Home Buyer And Seller Need To Know About Todays Housing Market - By Clare Trapasso | 
4 Simple Ways To Invest In Real Estate - 4 Simple Ways to Invest in Real

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

1017 N 10TH ST. STE 201
McAllen, TX