Phoenix Home Prices rise 32.6%

NEW YORK, MARCH 29, 2022:  S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for January 2022 show that home prices continue to increase across the U.S

Phoenix Home Prices

Here is Arizona, the real news from today’s report was that Phoenix, Arizona reported the highest year-over-year gains among the 20 cities in January. Phoenix led the way with a 32.6% year-over-year price increase, followed by Tampa with a 30.8% increase and Miami with a 28.1% increase. Sixteen of the 20 cities reported higher price increases in the year ending January 2022 versus the year ending December 2021.

The home price appreciation in the Phoenix area is just unbelievable!

But, please keep in mind this report is gathered from data for January 2022. So, this was  prior to mortgage rates moving up just in the last month by almost a half a percent!  Also, it was prior to the Russian invasion of Ukraine and our major gasoline price hikes!

I’m not going to repeat everything here, but, in one of my prior post (3-28-22 housing market) I give my full outlook on this market.  Now, this is just my personal opinion, but this report released today, I think we’ll go down as marking the pinnacle of the crazy home price appreciation!  Sure, I could be wrong, and I hope I’m wrong, but, I feel the home buyers jumping in to the market now will be making the biggest mistake of their lifetimes!

Always keep in mind, that purchasing a home is a major lifestyle decision, and as such, should not be rushed into. So, by all means, if you’re considering purchasing or selling real estate in today’s market, do your own homework and draw your own conclusions! But, also consult with your legal & financial advisors prior to making your moves.

My opinions here are just that, opinions!  The fact that I’ve been in the residential real estate market for over three decades, does not mean that my opinions are going to be any more accurate then your mother-in-law’s opinion, though I sure hope they are!

Phoenix Home Prices

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