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What’s in store for Phoenix home prices?

Posted by   /  April 2, 2020  /  No Comments

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By Angela Gonzales | Phoenix Business Journal

Before COVID-19 hit, the housing market in metro Phoenix showed the highest year-over-year price increases in the nation, but now local analysts expect housing demand to rapidly decline by as much as 80%.

For the month of January, metro Phoenix reported year-over-year price increases of 6.9% — the highest in the nation on the S&P CoreLogic Case-Shiller Indices, compared with a 3.9% national annual gain.

Released on March 31, the latest results of the S&P CoreLogic Case-Shiller Indices measured a period right before the COVID-19 pandemic, said Frank Nothaft, chief economist for CoreLogic.

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