Las Vegas Home Prices Up 2% - Largest Monthly Increase Since May 2006
The Case-Shiller Index of 20 cities showed a 9.3% increase in home prices since February 2012. The price gains should encourage more homeowners to list their properties, which would help alleviate the low inventory. There were only 1.93 million homes on the market in March — the fewest since March 2000.
With mortgage rates at an all-time low, an improving labor market, and more inventory, the real estate market could become a major driver of a stronger economy. All 20 cities in the Case-Shiller Index showed year-over-year price increases.
Las Vegas home prices jumped 17.6% since last year, while Phoenix led the yearly increase with a 23% jump. Check the map below for a detailed breakdown by zip code appreciation.
