The Market: Housing Market Update for 1Q 2022
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.
Thinking about selling? Maximizing the value of your real estate investment requires local market expertise and a thorough understanding of how to prepare your home to sell it for the highest price. Contact me today for a private consultation and property valuation while the market is still strong.
