Nevada’s residential real estate market has been booming over the past year, with new record highs being set for median home prices time and again in both Southern and Northern Nevada. The rapid rise in home prices is not unique to the Silver State. All across the country, home prices continue to rise to increasingly high levels at increasingly rapid growth rates.

In the first quarter of 2021, the U.S. House Price Index climbed to its highest level ever. The index value increased by 12.7 percent from the previous year, setting the record for the highest annual growth rate in the 30-year history of the measure produced by the Federal Housing Finance Agency. By comparison, the annual growth rate for the first quarter of 2020 was 6.3 percent – half of what was reported in the most recent figures and much more representative of typical growth rates for the index.

When comparing the House Price Index for all 50 states and the District of Columbia, Nevada ranked in the middle of the pack. The Silver State registered the 27th fastest annual growth rate of 12.4 percent, which was about three times the 4.6 percent growth rate reported in the prior year. For Nevada, the index growth rate for the first quarter of the year was the 22nd highest on record and the 11th highest since the Great Recession. Three of Nevada’s neighboring states topped the annual House Price Index growth rate rankings. Idaho, Utah and Arizona reported year-over year index growth rates of 23.8 percent, 19.3 percent and 17.4 percent, respectively, which helped give the Mountain region of the nation the fastest growing home price appreciation rate of 15.7 percent.

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