CoreLogic: Phoenix-area home prices are up 22 percent in the past year


By Kristena Hansen

Phoenix Business Journal

Even during what is usually a summer slowdown, the lively rally of Arizona’s housing market continues as the state ranked No. 1 in the nation for gains in home prices, according to the latest data released Tuesday by CoreLogic.

Arizona home prices in August, including foreclosures and short sales, surged 18.2 percent compared with the same month last year, the report said.

Metro Phoenix home prices, also including distressed sales, took an even bigger jump in August — up 21.8 percent from a year earlier. Prices were also up 1.4 percent from July to August.

The year-over-year gains in Arizona and the Phoenix area were by far the largest of any state or metropolitan area. It’s also a testament to the trends that have historically occurred in Arizona: Whatever the housing market is doing elsewhere in the nation is almost always exaggerated here.

For example, Idaho trailed far behind Arizona in second place with a 10.4 percent year-over-year gain, which was followed by Nevada’s 9 percent improvement during the same time frame.

The difference between the Phoenix market versus other metro areas was even more staggering in August.



Building permits up in Maricopa after summer lull/

The number of building permits for single-family homes increased to 27 in September, six more than the previous month.

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