10. Las Vegas
- Increase in home price: 11.4 percent
- Median price: $179,900
- Change since 2006 peak: -39.1 percent
- Distressed sales: 24.9 percent
- Months’ supply of inventory: 5.2
- Unemployment rate: 7.9 percent
- Rate of job growth: 3.1 percent
What happened in Vegas epitomized the housing bust. It was a tale of overbuilding, rampant flipping and subprime lending, followed by recession, with sharp increases in local unemployment and foreclosures.
“But we survived, and we’re back!” says Heidi Kasama, president of the Greater Las Vegas Association of Realtors. She gives price benchmarks for boom, bust and recovery: At the peak of the market in Las Vegas, the median home price was $315,000. In early 2012, it bottomed at $118,000. This spring it was approaching $200,000. “We’ve seen rapid run-ups in prices year-over-year, but that’s because we were so undervalued,” says Kasama. Home prices are still down by 39 percent since the peak, and in the past few months, she says, price increases have been diminishing. Sales have fallen by 10.2 percent from the year before, too. Supply is balanced between sellers and buyers.
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