Phoenix home price gains lead nation

By Kristena Hansen

Phoenix Business Journal

Phoenix-area home values have been climbing at the fastest rate of any major metropolitan area this year and the dramatic surge may continue to outpace the rest of the nation through the next year, according to the latest report released Tuesday by Zillow Inc..

The Zillow Home Value Index showed the Phoenix area had an average home value of $149,400 during the third quarter of this year.

That’s a 5.9 percent jump from the the previous quarter and a 20.4 percent-spike year-over-year — both of which were by far the biggest increases among 30 major metro areas the index examines, as well as the national average.

For example, the second largest quarter-over-quarter increase was 3.9 percent in Las Vegas, followed by a 3.8 percent rise in Denver, the report said. Year-over-year, San Jose, Calif. trailed far behind Phoenix at No. 2 with its 9.7 percent jump in home values, followed by the 8.8 percent rise in Denver.


Also: Campus housing heading upscale, including at ASU/Phoenix Business Journal

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