Las Vegas-area home prices rose in April — but the local market underperformed compared to other big cities, new data issued Tuesday show.
Debt rating agency Standard & Poor’s issued its S&P/Case-Shiller Home Price Indices, which showed nationwide, prices in the 20 cities tracked rose an average of 1.3 percent from March to April — reversing seven consecutive months of declines.
Compared with April 2011, however, prices in the 20 cities on average were down 1.9 percent.
S&P data show Las Vegas-area prices rose 1.1 percent from March to April, but were down 5.8 percent from April 2011.
Of the cities tracked in the indices, Atlanta, Cleveland, Detroit and Las Vegas continue to see home prices below January 2000 levels — with Las Vegas at January 1997 levels.
Las Vegas was hit particularly hard by the economic turmoil beginning in 2008 and, despite recent improvements, continues to struggle with elevated levels of unemployment (11.8 percent) and the nation's 15th-highest foreclosure rate among large cities.
Tuesday’s home price report compares with more recent data from May from the Greater Las Vegas Association of Realtors showing median Las Vegas-area prices improved 0.1 percent and 1.6 percent on a monthly and year-to-year basis, respectively.
From a seller’s point of view, Las Vegas market conditions have been improving thanks to a reduction in foreclosures that has translated into fewer homes being offered for sale.