Home prices in urban neighborhoods are rising faster than in suburban neighborhoods, an analysis from real estate search and marketing site Trulia found.
At the end of May, median price per square foot in urban areas had risen 11.3 percent year over year, compared with a 10.2 percent increase in suburban areas. All but four of the metros covered by the Case-Shiller home price index experienced this pattern, with Detroit, Phoenix and Miami seeing the biggest gaps between prices in urban and suburban neighborhoods. Seattle, Dallas, San Francisco and Minneapolis were the only four metros to see home prices in suburban areas rise faster than in urban areas.
Racially and ethnically diverse neighborhoods, as well as neighborhoods with relatively large gay and lesbian populations, saw the biggest price gains, Trulia found.