Home price growth slowed slightly, but Phoenix metro still tops nation

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Posted at 8:35 AM, Dec 29, 2021
and last updated 2021-12-29 10:35:31-05

PHOENIX — For the 29th consecutive month, Phoenix was the top metro in the nation for home price growth in October, followed by Tampa and Miami, according to data released by S&P CoreLogic Case-Shiller Index.

Phoenix reported 32.3% growth year-over-year in the 12-month period that ended in October 2021. The growth slowed slightly from September’s data, when Arizona’s home price growth was 33.1%.

Nationally that trend held true, where home prices continued to grow, but at a decelerating pace. Nationally, the growth was 19.1%, a slight slowing from September’s 19.7%.

“We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the Covid pandemic,” Craig J. Lazzara, managing director at S&P DJI said in a statement. “More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next several years, or reflects a more permanent secular change.”

Read more of this story from the Phoenix Business Journal.