Phoenix drops again in national home price growth index

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Posted at 8:41 AM, Jun 29, 2022
and last updated 2022-06-29 11:41:49-04

PHOENIX — Phoenix slid down to third place in U.S. home price growth — following last month's drop to second place after topping the nation for nearly three years.

This time, two Florida cities — Tampa and Miami — reported the highest year-over-year gains in the nation in April, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released June 28.

Tampa reported a year-over-year price increase of 35.8%, Miami at 33.3% while Phoenix was still showing a strong increase at 31.3%. The national gain in April was 20.4%, down from 20.6% in the previous month, according to the Case-Shiller index.

Keep in mind that this data is for April, representing a three-month moving average of February, March and April, said Elliott Pollack, founder of Elliott D. Pollack & Co.

"Normally, that would not be an issue, but interest rates have gone up so much in a short period of time that it has to be considered old data," he said. "It is the best around, but it understates affordability issues."

Read more of this story from the Business Journal.