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While home prices increased throughout the country, the West region, and in particular the Las Vegas Valley showed the highest percent of increase.

At a broad regional level, prices increased the most in the West—2.4 percent—and least in the Midwest—0.7 percent. The South and Northeast fell in between with gains of 1.1 percent and 0.8 percent, respectively.

At the metro level, Las Vegas outpaced Phoenix as the metro with the greatest price gain on a yearly basis. Phoenix held this rank from April 2012 until now.  Las Vegas posted a 27 percent price gain over the year, but prices are still 57.1 percent below their peak.

In fact, even at a continued rate of 27 percent, which experts deems unlikely, the Las Vegas market would take four years to match its peak prices reached in 2006.

Phoenix experienced a 25.7 percent increase over the year, and its prices are 45.9 percent below their peak.

Las Vegas also topped the list of top-performing markets for the rolling quarter ending in May with a 4.5 percent gain.

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