A few weeks ago I posted an item about the outlook for home prices in Las Vegas. (Executive summary: They won't stabilize until 2010, it said.) Over the weekend, I caught up with another interesting look at prices there in the Las Vegas Review-Journal.
Why am I so interested in Vegas prices? I don't think they're necessarily reflective of the rest of the U.S. I suppose it's because its growth was such a big part of the housing boom; its struggles may turn out to be every bit as epic.
This report reviews prices in the area by zip code. Of the 58 zip codes within Las Vegas, only one (the fighting 89146) showed a price gain last year. Its average home price rose by 3 percent to $232,500, according to this report. The biggest decline came in the zip code 89030, falling 64 percent. That neighborhood is in North Las Vegas, right around the corner from Shadow Creek Golf Club, as it happens.
Not that living in the area helps you get onto the course. You still have to stay at one of the MGM Mirage resorts and shell out $500 per player, a cheerful reservationist just told me.