According to an AP report February home prices jumped upwards 6.3% nationwide. In a report from S&P Corelogic Case-Shiller home prices are up due to rising demand and lower availability.
The report says the top 3 cities for price appreciation are Seattle (12.7%), Las Vegas (11.6%) and San Francisco (10.1%).
As jobs increase more people are working and the demand for homes is increasing. However, as mortgage interest rates increase homeowners are less likely to sell. This is creating a bind in the marketplace and a rise in home prices.
Las Vegas is a growing city with an ever improving employment base. The demand for homes is increasing and yet the available homes are decreasing. This is the cause of the rising prices of homes in Vegas.