Phoenix continues to set a blistering pace for year-over-year gains in home price growth on the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
While the national price increase was 4.8% in July, up 4.3% from the previous month, Phoenix doubled that growth with a 9.2% year-over-year price increase in July. Seattle followed behind at 7% and Charlotte, North Carolina, at 6%.
"At twice the rate of growth, Phoenix home prices continue to outpace the national index and have now grown for the 13th consecutive month," said Selma Hepp, CoreLogic's deputy chief economist. "The strength... is reflecting the severe shortage of homes for sale which are currently at only among a month supply. In other words, at current rate of sales, available inventory will be sold out in a month."
According to the latest RE/MAX housing report, the median home price in metro Phoenix was $325,000 in August, up 16.1% from a median sales price of $280,000 in August 2019.