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After leading the nation in year over year home price growth for three years, the Phoenix Metropolitan Area fell to third place behind Miami and Tampa according to the Case-Shiller 20-City Home Price Index for June 2022. The index still shows the Phoenix market continued to remained strong with a 31.3 percent year-over-year increase. This level of price growth indicates broad strength in the housing market although it is worth noting the index is a lagging indicator and inflation combined with increasing mortgage rates have clearly started to impact home sales. The supply of homes on the market dramatically increased in June 2022.

The Cromford Report, which follows housing trends in Maricopa county indicated the average sale price per square foot rose 19.2% over last year in the 2nd Quarter.  However, in June the supply of homes for sale rose 53% signaling weakening demand as mortgage rates rose and some buyers were priced out.

The Market Update provides a closer look at the 2nd Quarter key statistics for Phoenix, Scottsdale, Paradise Valley and neighboring cities in the Valley of the Sun.  The full report is available here.

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The Phoenix Housing Market 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 February 2022 showed Phoenix led the nation with a 32.9 percent year-over-year increase in home prices leading all cities in 33 months in a row. This level of price growth indicates broad strength in the housing market although inflation and increasing mortgage rates may start to impact home price appreciation.

The Cromford Report, which follows housing trends in Maricopa county indicated home prices continue to rise. The average price per square foot rose 8.9% in the 1st Quarter of 2022. Home prices are projected to continue to rise at least through June 2022. The increase is driven by investors and less by “owner-occupier” home buyers. The combination of higher home prices, competition from investors and rising interest rates reduce the purchasing power of valley residents.

The Market Update provides a closer look at the 1st Quarter of 2022 key statistics for Phoenix and neighboring cities in the Valley of the Sun.  Read more publications here.

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I am thrilled to share The Agency Red Paper 2021, a deep dive into our local and global real estate markets across the U.S., Canada, Mexico, the Caribbean and Europe.  Uncover how buyers and sellers made moves in 2021, a detailed overview of your region including Scottsdale, Phoenix and Paradise Valley, how demographics have shifted and what to expect in the year ahead. 

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