Gains in home prices surged in May, according to Redfin’s most recent housing market report based on 19 markets across the country. In May, home prices surged 17.4 percent year-over-year, while prices in all 19 markets tracked showed yearly gains, the brokerage found. From April to May, prices increased 4.3 percent. According to data from Redfin, home prices in San Francisco experienced the biggest annual increase at 34.7 percent, while Baltimore saw the smallest increase—3.2 percent.
At the same time, home sales climbed 15.8 percent from April to May, reaching their highest level since January 2010, which is when Redfin began keeping track. Year-over-year, home sales shot up by 13.7 percent. Out of the 19 markets followed, five saw sales decline compared to a year ago. Four of the five markets where sales were down from last year were in California: San Francisco (-7.7 percent), San Jose (-6.3 percent), Inland Empire (-5.4 percent), and Ventura (-2.1 percent). Las Vegas was the exception, where sales fell by 2.6 percent.