In a report issued on Tuesday by the Case-Shiller home price index, Las Vegas is now considered the hottest housing market, unseating Seattle which had lead the nation for nearly 2 years when it comes to increases in single-family home prices. Las Vegas leads the market with a 13% increase over Seattle's 12.8% during the month of June. The previous month, Las Vegas' increase was 12.6%.
David Blitzer, who is the managing director and chairman of the Case-Shiller index committee, said in a statement that:
“Population and employment growth often drive homes prices. Las Vegas is among the fastest growing U.S. cities based on both employment and population, with its unemployment rate dropping below the national average in the last year.”
Low inventory and high demand plays a part in our booming local market.