The latest housing data found prices in Atlanta rose by 2.3 percent, 1.7 percent in Chicago, 1.5 percent in Phoenix, 1.2 percent in Minneapolis, and 1.1 percent in Las Vegas. In each of these cities, the price increase is being driven most strongly by the bottom third of the market. The price increases in this segment of the market have been extraordinary in recent months. In Las Vegas, the bottom tier of the market has risen at a 30.4 percent annual rate over the last three months. In Phoenix, prices in the bottom tier have increased at a 32.4 percent annual rate.
For more, check out the latest Housing Market Monitor.