The Market: Housing Market Update for 3Q 2021
The Phoenix Metropolitan Area continues to lead the nation in year-over-year home price increases according to national and local housing market economists. The Case-Shiller 20-City Home Price Index for July 2021 showed Phoenix led the nation with a 32.4 percent year-over-year increase in home prices in July while San Diego was second with a 27.8 percent increase year-over-year followed by Seattle at 25.5 percent. Overall, the National Composite Index marked its 14th consecutive month of accelerating prices with a record 19.7 percent.
The Cromford Report, which follows housing trends in Maricopa county indicated Phoenix led the nation with the largest percentage increase in home prices from August to September 2021 at 3.32 percent. This increase in home prices was significantly higher than Tampa at 2.94 percent and Las Vegas which had a 2.77 percent increase in prices.
The Market Update provides a closer look at the 3rd Quarter key statistics for Phoenix and neighboring cities in the Valley of the Sun.