Las Vegas is the hottest housing market in the country.
The monthly Case-Shiller home price index released on Tuesday showed Las Vegas overtook Seattle to become the hottest housing market in the nation.
Las Vegas had a 13 percent increase in single-family home prices in June compared to last year.
“Population and employment growth often drive homes prices,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a release. “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.”
Seattle, which was dethroned, saw a 12.8 percent increase, according to The Seattle Times.
“The Case-Shiller numbers don’t reflect the full scope of the slowdown yet: Partially because it includes a three-month moving average through June (things have cooled even more since then), and also because it reflects the entire metro area,” according to The Seattle Times.
Meanwhile, San Francisco, which landed as the third-highest price gain, saw a 10.7 percent increase, according to King5 News.
Before the recent turn of events, Seattle topped the country for 21 months straight, which was the second-longest streak in the report’s 31-year history.
Portland, Oregon, topped the list for 23 months in the early ‘90s.