Home prices surge in 2020

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Las Vegas, previously listed by CoreLogic HPI Forecast as one of the nation’s riskiest markets, no longer appears on that list.  (Getty Images)
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Las Vegas, previously listed by CoreLogic HPI Forecast as one of the nation’s riskiest housing markets, no longer appears on that list. (Getty Images)

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. 

Top Ten Metros

  1. Phoenix               13.7
  2. San Diego           10.4
  3. Washington, D.C.  8.8
  4. Denver                 8.4
  5. L.A.                      7.8
  6. Las Vegas             7.4
  7. Chicago                7.4
  8. Houston               5.7
  9. Miami                  5.7
  10. Boston                 5.0

“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.

Dana Gentry
Senior Reporter | Dana Gentry is a native Las Vegan and award-winning investigative journalist. She is a graduate of Bishop Gorman High School and holds a Bachelor's degree in Communications from the University of Nevada, Las Vegas. Gentry began her career in broadcasting as an intern at Channel 8, KLAS-TV. She later became a reporter at Channel 8, working with Las Vegas TV news legends Bob Stoldal and the late Ned Day. Gentry left her reporting job in 1985 to focus on motherhood. She returned to TV news in 2001 to launch "Face to Face with Jon Ralston" and the weekly business programs In Business Las Vegas and Vegas Inc, which she co-anchored with Jeff Gillan. Dana has four adult children, a grandson, three dogs, three cats and a cockatoo named Casper.