Home prices continue to increase in Phoenix market

Phoenix Business Journal, June 5, 2018 - Home prices in metro Phoenix increased by 7 percent—a bit higher than the 6.9 percent national average—from April 2017 to April 2018, according to a CoreLogic report released today.

Nationally, the CoreLogic HPI Forecast indicates that the national home price index is projected to increase by 5.3 percent on a year-over-year basis from April 2018 to April 2019.

Ramey Peru, associate vice president for land at Colliers International, said his research shows that prices for existing detached single-family homes have increased by 4 percent year over year.

"That increase, paired with the potential for rising interest rates, poses a threat to the affordability of single family homes," Peru said. "This is evidenced by metro Phoenix’s affordability rate dropping to 59.3 percent, which is a 3.6 percent drop year over year and an 8.6 percent fall since 2015."

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