San Francisco Bay Area real estate market booming

July 30, 2013 2:11:16 PM PDT
A new report out Tuesday shows the real estate market in the Bay Area is hot.

San Francisco home prices have surged nearly 25 percent in the past year; the biggest increase in seven years. That's more than double the nationwide average of major cities.

According to the S&P/Case-Shiller index that ranks metropolitan cities, Las Vegas reported the next biggest jump at 23 percent, followed by Phoenix at nearly 21 percent.