Phoenix homes prices show second-biggest gain in a year

Home pricesBy Randy Nelson | Motley Fool

What a difference a year makes—if you’re on the West Coast or in Florida. Compared to this time in 2013, inventory levels in many of the California, Arizona, Nevada, and Florida metros we survey for Movoto Real Estate’s monthly State of the Real Estate Market report are up significantly. At the same time, pretty much everywhere else in the country—especially Texas—has seen inventory levels go largely unchanged or drop significantly.

Fifteen of the 38 markets we look at saw double-digit increases in inventory versus this time last year, while 11 witnessed decreases of more than 10 percent. In February 2013, there were 89,198 properties on the market in our specified cities, while last month there were 95,393, a total increase year-over-year of 6.9 percent.

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