In the 20 markets that the S&P/Case Shiller index covers prices climbed 2.5% from March, posting the biggest one-month increase in the 12-year history of the index. Since April of 2012 home prices have rises 12% on average in these markets, over a 12 month period. Since the builders had practically stopped building and seller inventory remains low due to underwater mortgages there remains reduced inventory in many markets across the country.
This reduced inventory coupled with low mortgage rates is continuing to drive home prices higher in Las Vegas, Summerlin, Henderson, and North Las Vegas. Buyers are barely able to catch their breath each month and they have to be willing to pay more the next month if they wait to buy. This creates very anxious and desperate buyers while the sellers are in control and many remain sitting on the sidelines unable to participate until their home regains additional value.
Each month in the Las Vegas area it seems that more sellers are at least getting to the break-even point so they can get out from under the home they have wanted to sell for years. This will eventually allow more inventory to be added to the market place for buyers.
Cnn/Money wrote a great article: Home Prices just 12%