Phoenix metro housing prices started 2024 slightly down from where they ended 2023, but they continue to be well above levels from a year earlier, according to newly released data.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released Tuesday shows that year-over-year home prices in January had gone up 4.6%. The median price of $326,960 was a slight drop — down 0.5% — from December’s median.
Those January numbers are a reflection of low buyer demand during the last few months of 2023, following the mortgage interest rate peak of 8% in October, said Greg Hague, CEO of residential real estate company 72Sold.
Things are different these days, Hague said.
