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."