Phoenix displaced as No. 1 in nation for home price growth after 3 years at the top

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Posted at 8:41 AM, Jun 01, 2022
and last updated 2022-06-01 11:41:24-04

PHOENIX — For the first time in nearly three years, metro Phoenix did not top the nation in home price growth.

This time, Tampa, Florida, led the nation in home price growth in March, boasting a 34.8% year-over-year gain, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

Phoenix came in second, with a 32.4% increase, followed by Miami with a 32% gain.

Industry analysts weren't surprised to see Phoenix finally drop on the list.

"The fall can likely be attributed to a high year-over-year baseline, which can impact the percentage change in home values," said Steven Hensley, senior manager of Zonda Advisory housing market research firm. "Secondly, how price appreciation has begun to cool in recent months due to rising mortgage interest rates and affordable issues. We expect that new markets will be leading the indices moving forward after a near three-year run for Phoenix."

Read more of this story from the Phoenix Business Journal.