Phoenix, Las Vegas housing markets return to average growth, 15 years later

Two cities break from boom-and-bust cycles in home prices, data show

By Laura Kusisto | The Wall Street Journal

In another sign the U.S. housing market is returning to normal, Las Vegas and Phoenix—poster children of the bubble and bust—are looking average.

The S&P CoreLogic Case-Shiller Indices, which covers home-price fluctuations in the entire nation, rose 5.8% in the 12 months ended in March, the fastest rate in 33 months.

The price increases were in line with price growth in the country’s biggest boom-bust markets. Home prices in Las Vegas rose 6.4% over the year, while those in Phoenix rose 5.6%, according to Case-Shiller.

The relative steadiness comes after a 15-year stretch when the two markets were leaders of the U.S. housing bubble, bust and recovery, helping pull the national averages up, down and up again.

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