Seller: 'Craziness escalating in Las Vegas'

Purchases by investors and inventory shortages have helped drive Las Vegas home prices up more than 30 percent in the last year, and the average listing now gets at least 15 offers, NPR reports.

One homeowner who thought she was underwater got a cash offer that was $50,000 more than what she thought her home was worth, and estimates that “the value of my house increases by about $1,000 every two days.”

A local law that made it harder for banks to foreclose on delinquent homeowners has also limited supply. Source: npr.org.