Phoenix tops in nation for home price gains

By Kristena Hansen| Phoenix Business Journal

The comeback of the metro Phoenix housing market far outpaced the nation in February, posting the biggest year-over-year price gain out of the top metropolitan areas, according to the latest report by the Standard & Poor’s/Case-Shiller Home Price Indices.

Valley home prices surged by 23 percent in February from a year earlier, by far the biggest gain of all 20 cities measured on the index. Month over month, Phoenix-area home values climbed by a seasonally adjusted rate of 1.8 percent, tying for second highest along with Los Angeles and San Francisco. Las Vegas had the highest month over month increase at 2 percent.

All 20 markets posted gains during the 12-month period, together climbing an average 9.3 percent overall — the largest spike in nearly seven years, the report said.

“The 10- and 20-city composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row — the last time that happened was in early 2005,” David Blitzer, chair of the Index Committee at S&P Dow Jones Indices, said in the report.

Case-Shiller’s report came out the same day as CoreLogic’s foreclosure inventory report, which noted that Arizona and Phoenix had among the lowest foreclosure rates in the nation last month at 1.3 percent and 1.2 percent respectively.

Last week, CoreLogic announced that it acquired the Case-Shiller Indexes from Fiserv Inc. — which is different from the S&P/Case-Shiller indexes — for $6 million.

Also: Former Del Webb CEO’s estate buys 15,000 acres in Prescott via Chapter 11 sale

If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com

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