Las Vegas leads the US in home-price gains

The Las Vegas Review Journal is reporting that Las Vegas once again leads the nation in home-price growth with a 24.9% gain since June of 2012. This is over double the national average of 12.1%.

S&P/Case-Shiller published the 20-city home price index showing Las Vegas in the top spot. The next few cities behind Las Vegas are San Francisco (24.5%), Los Angeles (under 20%) and Phoenix (under 20%).

The current growth is the fastest the USA has seen since March 2006. Economists predict growth to gradually slow, but remain consistently positive going forward. "The fundamental of the housing market are solid", says Gus Faucher, senior economist at PNC Financial Services.

Low mortgage rates and steady job growth are driving the current surge in housing demand, while the supply of available homes for sale has become quite limited. This combination is the primary reason for such tremendous growth in housing prices.

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