Magazine article Mortgage Banking

Las Vegas Beats out Phoenix in Yearly Home-Price Gains

Magazine article Mortgage Banking

Las Vegas Beats out Phoenix in Yearly Home-Price Gains

Article excerpt

* Clear Capital, Truckee, California, reported that price trends remain mixed at the metro level based on data gathered for its May Home Data Index[TM] Market Report, but national prices still managed to post yearly gains of 8.2 percent in May. The May yearly price increase was up a full percentage point from April's number, when national prices saw a 7.2 percent gain.

Clear Capital reported that Las Vegas is the new "metro recovery leader." The company found that Las Vegas yearly gains reached 27 percent, beating out the yearly price jump of 25.7 percent in the Phoenix metro area. Clear Capital noted, "This is the first time since April 2012 that Phoenix has not led the top-50 major metro markets in yearly gains."

While Las Vegas was the front-runner in the May report, it still has a way to go to return to its peak values. Clear Capital said the metro area's current home prices are still 57.1 percent below their peak.

"It would take Las Vegas home prices nearly four years at the current annual growth rate of 27. …

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