Amid a pandemic and widespread economic turmoil, home prices in Nevada increased by 7.4 percent year-over-year in December, according to the CoreLogic Home Price Index.
Idaho led states with the highest increase at 19.1 percent, followed by Indiana at 16.1, and Maine at 15.2.
Nationally, home prices increased 9.2 percent.
Phoenix led the top ten metros at 13.7 percent. San Diego prices increased 10.4 percent after a three percent increase in 2019.
“Despite a blip in April, home-purchase demand surged as record-low mortgage rates persuaded first-time homebuyers to enter the market,” the report says. “Meanwhile, the consequences of the pandemic were seen in the dwindling supply of homes — dropping, on average, 24% below 2019 levels — as homeowners delayed selling.” Las Vegas, previously listed by CoreLogic HPI Forecast as one of the nation’s riskiest markets, no longer appears on that list. Lake Charles, Louisiana and Prescott, Arizona are at the greatest risk of a decline in prices, the report says. The Forecast projects a year-over-year price increase of 2.9 percent nationwide in 2021.
