Nevada’s housing market finished 2018 where it began – as one of the fastest appreciating markets in the nation. At the close of 2017, Nevada’s annual home price appreciation of 11.5 percent ranked third-fastest in the United States, according to the Federal Housing Finance Agency’s House Price Index. Twelve months later, the state’s annual home price growth rate dipped slightly to 11.2 percent, yet the state’s ranking climbed by one spot to second. Not coincidentally, the top three states in home price appreciation – Idaho, Nevada, and Utah – were also the three fastest-growing states in population in 2018, illustrating the relationship between growing housing demand and rising home prices.

Nevada’s 11.2 percent growth rate in the FHFA’s purchase-only House Price Index was 10 times the national average of 1.1 percent. Southern Nevada drove the statewide trend with a 13.3 percent annual increase in its House Price Index, which ranked third among the 100 largest metropolitan areas. Using the all-transactions House Price Index, a similar measure that includes refinance mortgages, the Las Vegas metro area’s 17.6 percent home price appreciation was the fastest in the country, while the Reno metro area ranked seventh with an annual growth rate of 11.8 percent.

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