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.

hmm-2012-08-ge

For more, check out the latest Housing Market Monitor.

Site Maintenance

"The CEPR website currently takes longer to load than usual. We hope to have this and other issues addressed shortly. While this much needed site maintenance is taking place, our content is still available so please continue to slooowwwly surf the pages of our site. Thank you for your patience."