One of the many bright spots of Nevada’s economic expansion has been the recovery of the housing market, which was one of the nation’s hardest hit during the economic downturn of a decade ago. Strong employment and population growth trends since then have driven the state’s economic growth, and the rise in incomes and residents has helped drive demand for housing throughout the state.

Nevada’s home price appreciation has been at or near the top of the national rankings for the past several years. In seven of the past eight quarters through June 2019, Nevada was among the top three states in year-over-year home price appreciation, with three months in the top spot, according to the Federal Housing Finance Agency’s House Price Index. Meanwhile, Southern Nevada was the hottest housing market in the country for much of 2018, with S&P CoreLogic Case-Shiller Home Price Index values rising by as much as 14 percent on a year-over-year basis. That trend has continued into 2019, as Southern Nevada was the nation’s second-hottest market in June 2019 behind Phoenix as home prices increased by 5.5 percent on a year-over-year basis.

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