By Tim Glaze | HousingWire
Phoenix, Austin, Sacramento, Las Vegas and Miami reported the biggest increase in home prices in May, according to a recent report from Redfin.
Home prices in Austin were up 42.4% year over year in May to $470,000, the biggest increase of the 88 largest U.S. metros. Phoenix, with a 33.3% gain to $400,000, had the second-biggest annual price increase in the U.S., and Sacramento had the fifth-biggest increase.
Prices in Las Vegas (up 18.4% to $355,000) and Miami (up 24.3% to $409,000) also saw significant year-over-year increases.