Las Vegas Tops List of Housing Price Gains - 8 News NOW

Las Vegas Tops List of Housing Price Gains

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LAS VEGAS -- An index that tracks housing prices in 20 major U.S. metropolitan areas found that Las Vegas topped the list with a 27.1 percent price gain in October over the same month a year ago.

The Standard & Poor's/Case-Shiller Home Price Indices released Tuesday showed that prices in all 20 cities jumped a combined 13.6 percent over that one-year period, the highest gain since February 2006.

Rounding out the top five behind Las Vegas were San Francisco (up 24.6 percent), Los Angeles (up 22.1 percent), San Diego (up 19.7 percent) and Phoenix (18.1 percent).

Las Vegas also experienced a 1.2 percent price gain from September to October, which also was the biggest improvement among the 20 cities measured.

"The key economic question facing housing is the Fed's future course to scale back quantitative easing and how this will affect mortgage rates," said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Other housing data paint a mixed picture suggesting that we may be close to the peak gains in prices. However, other economic data point to somewhat faster growth in the new year. Most forecasts for home prices point to single digit growth in 2014."

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