As reported by Phoenix Business Journal,the Federal Housing Finance Agency reports home price gains this year in both metro Phoenix and Arizona have once again far outpaced the rest of the country.
Arizona landed the No. 1 spot for the biggest year-over-year increase — about 20 percent — in median sales prices in the third quarter. The District of Columbia trailed behind in second place with a 15.5 percent jump during the same period, followed by Idaho’s 9.5 percent rise, according to the report
Arizona’s home price appreciation was also significantly greater than the national year-over-year average of 4.04 percent in the third quarter, however the state was still notably down — by almost 37 percent — from the boom times in 2007, the report said.
The FHFA report also ranked home price appreciation in the nation’s 25 largest metropolitan areas and Phoenix clinched the No. 1 spot with a 26 percent spike in median prices from the third quarter last year
While housing data from different research entities almost always have some degree of variation, the FHFA figures seem to be in line with some previous reports this summer from Zillow Inc. and CoreLogic. Both ranked Phoenix and Arizona as having the biggest upswing in home prices.