Report: Phoenix home prices jump, best in U.S.

PHOENIX - Phoenix home prices increased 2.5 percent in April, the best among major U.S. city markets, according to a report published Tuesday.

The Phoenix Business Journal reports the latest Standard & Poors/Case-Shiller Home Price Index shows Phoenix home prices were up 8.6 percent in April 2012 from April 2011.

That makes it the best performing U.S. market, the Business Journal reports.

The numbers show improvements in the recovering Phoenix area housing market.

Ken Scheer recently sold his Valley home in only a day for an asking price that made him extremely happy.

"(The house) did exactly what I hoped it would do," said Scheer. "Anytime you buy real estate the whole goal is to make money and that's what happened so I was pretty excited."

Realtor Marge Peck with Discover Arizona Real Estate urges homeowners to not put too much stock in one month's worth of numbers.

She tells ABC15 many people in the Valley remain upside down in their homes and, as a result, things could get worse before they get better.

"I kind of agree with this one gentleman who says we could see a decline in prices by the end of the year in Arizona," said Peck. "It's all about supply and demand. I'm concerned, very concerned."

Detroit was the only city to record a drop as prices fell 3.6 percent, according to the Associated Press.

The Valley's housing market was hit hard by the recession, but is now seeing a decline in foreclosures, according to the Business Journal.