Valley home prices still on rise; outpace national average in August

Phoenix Business Journal

 

Phoenix Business Journal

Valley home prices continued their rise during the summer, easily outpacing national averages in August, according to the latest CoreLogic price report.

The region saw a 7.43 percent price increase compared with August 2017, pushing the region into an “overvalued” ranking from CoreLogic.

Despite the increasing prices, home values still are roughly 11 percent below the peak value in 2006, the report stated.

Nationally, home prices rose 5.5 percent year over year, which actually represents a slowdown from previous months as the lack of affordable housing nationally and higher interest rates means fewer homes are selling.

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