Economics
Las Vegas Home-Price Surge Spotlights Disconnect in U.S. Economy
- Steep slide in values seen for riskiest big housing market
- Prices increasingly out of line with incomes hit by pandemic
Photographer: Ethan Miller/Getty Images
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Nowhere is the widening gap between real estate and the real economy more apparent than in Las Vegas, where tourism is in ruins, wages are plunging and home prices just keep rocketing higher.
The median price for a single-family house in August jumped almost 10% from a year earlier to $335,000, according to a report from the Las Vegas Realtors. By comparison, annual price growth in February, the month before Covid 19 emptied out casinos, hotels and restaurants, was 6.7%.