Nevada’s all-important housing industry had enjoyed a significant rebound following the Great Recession. Though, for many industry indicators the only way to go was up after bottoming out. On one key metric, the housing price index, Nevada saw some of the best performances in the nation since the economic downturn. In the latest data released for the fourth quarter of 2014, Nevada’s housing price index was up 9.0 percent over the previous year, ranking first among the states. The Silver State’s five-year growth rate of 31.1 percent ranked second, behind only fracking boom state North Dakota. However, after a long period of strong growth, some housing market metrics are cooling down. These do not appear to be signs of a market collapse, but rather stabilization. They are likely also being influenced by other wider economic factors, such as Nevada’s still high unemployment rate and tighter credit markets that make it more difficult for some to buy a home.

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April 2015 Economic Briefing Screenshot