Magazine article Mortgage Banking

Las Vegas Posts 31.2 Percent Yearly Home-Price Gains

Magazine article Mortgage Banking

Las Vegas Posts 31.2 Percent Yearly Home-Price Gains

Article excerpt

* Truckee, California--based Clear Capital released its Home Data Index[TM] Market Report with data through July and found that the 15 top-performing metro markets posted average yearly price growth of more than 20 percent. Las Vegas saw its prices soar by 31.2 percent from July of last year to this July. The market became the first metro area to surpass 30 percent yearly price growth since the start of the recovery, according to Clear Capital.

The company reported that regional yearly price gains were strongest in the West at 17.8 percent. The northeast region saw the weakest yearly gains at 4.8 percent in the July data.

Clear Capital said that national home prices gained 9.3 percent during the last year through July, but remain 33.4 percent below peak values.

In a press release, the company noted, "Perspective is key here. While Las Vegas leads the recovery, its median price of $145,000 ranks it below 35 of the top 50 markets. This suggests low price points are in part driving Las Vegas' gains."

Alex Villacorta, vice president of research and analytics at Clear Capital, commented, "Over the last half of 2013, we continue to call for a moderation in home-price trends. …

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