"US home prices rise at fastest pace in 7 years"

Prices in the US residential housing market are growing at the fastest annual pace since 2006. The S&P/Case-Shiller home price index closed at 146.57 in February, representing a 9.3% increase in the past year. Monthly, home prices are increasing by 0.3%, the largest gain since October 2005.

Las Vegas prices rose by 17.6% in the past year, making it the third highest annual gain of the 20 cities measured. Only Phoenix and San Francisco were ahead of Las Vegas, with annual gains of 23% and 19%, respectively.

Approximately half of all US homes are included in Case-Shiller's 20-city index.

Real estate is seen as an excellent indicator of the health of the American economy, as the housing market crash dragged the US into recession in 2008. The current recovery is an encouraging sign for America and rest of the developed world.

Click here to read more