Amid another record-setting price hike, homebuying demand spikes in several Valley cities

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Posted at 8:38 AM, Jan 26, 2022
and last updated 2022-01-26 10:38:15-05

With Phoenix home price growth topping the nation for the 30th consecutive month, experts now expect home sales growth and appreciation to ease by the end of 2022.

According to the latest S&P CoreLogic Case-Shiller Indices released Tuesday, Phoenix showed a year-over-year home price increase in November of 32.2%, followed by Tampa, at 29% and Miami, at 26.6%. The national home price index dropped to 18.8% in November, from 19% in the previous month.

Continued home price gains suggests the housing market remains competitive and that sellers still have the upper hand, said Steven Hensley, advisory manager for Zonda.

"While demand entering 2022 is healthy, the combination of high prices and rising interest rates could cool down the market," he said.

Read more of this story from the Business Journal.