Home prices and sales volumes increased across all of the 19 major U.S. cities in May, according to the latest data from Redfin. This is the second consecutive month where all 19 cities saw an improvement in home prices.
In May, home prices rose 17% year-over-year and 4% since April. Sacramento documented the highest price gains with a 39% year-over-year rise.
Home sales were up 14% from 2012, and 16% from April.
Long Island posted the largest yearly sales volume increase, with home sales up 74.7% from May 2012. Boston had the largest monthly increase in sales volume, up 38% from April.
Although inventory dropped 22% year-over-year in May, it increased 4.3% from the previous month.
The increase in inventory was likely a contributor to the rise in home sales volume, which reached the highest level since 2010, with more than 79,000 home sales closed in the 19 markets covered in this May report.
Six of the 19 markets saw monthly inventory shrink in May and five of those were in California, including the Inland Empire (-7.3%), Las Vegas (-1.4%), Los Angeles (-1.3%), Ventura (-1.0%), and San Francisco (-0.5%).