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S&P: Vegas Home Prices Up 22.3%

WASHINGTON (KXNT/AP) — Las Vegas home prices show the second highest increase in the country, jumping 22.3 percent in April compared to one year ago.

U.S. home prices jumped 12.1 percent from a year ago, buoyed by strong demand and a limited supply of available homes. Strong gains in a wide range of cities point to a broad-based housing recovery.

The Standard & Poor’s/Case-Shiller 20-city home price index also showed a 2.5 percent increase in April from March, the biggest month-over-month gain on records dating back to 2000.

All cities except Detroit posted gains in April from March. That’s up from only 15 cities in the previous months.

Prices rose from a year earlier in all 20 cities for the fourth straight month. Twelve cities posted double-digit gains.

San Francisco, Las Vegas, Phoenix and Atlanta posted the largest year-over-year price gains. All were over 20 percent.

Copyright 2013 The Associated Press.

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