Arizona home prices among nation’s fastest-rising; real estate consultant Jim Belfiore knows why

Above: Sterling Grove, a 780-acre master-planned neighborhood, west of Loop 303 in Surprise, offers homeowners access to a private country club and 18-hole Jack Nicklaus-designed golf course. | AZBigMedia

By Valorie H. Rice | AZBigMedia

Arizona is one of the top states in the nation for home price appreciation according to the recent Federal Housing Finance Agency House Price Index data release. The change in house prices between the second quarters of 2019 and 2020 was 5.4 percent in the nation, with Idaho home prices rising the highest at 10.8 percent followed by Arizona home prices at 9.1 percent. All 50 states and the District of Columbia had positive one-year changes in home price appreciation for the second quarter 2020.

Phoenix and Lake Havasu City-Kingman were among the top 20 metropolitan areas for one-year house price appreciation in the second quarter. Phoenix ranked 11th with a 7.2 percent increase and Lake Havasu City-Kingman ranked 13th with a 7.0 percent increase. The top two metropolitan areas were in Idaho. Over-the-year home price changes in other Arizona metropolitan areas were 5.7 percent in Flagstaff, 5.6 percent in Prescott Valley-Prescott, 4.2 percent in Sierra Vista-Douglas, 6.2 percent in Tucson, and 4.9 percent in Yuma. The index for all 242 metropolitan areas includes both purchase and refinance mortgages.


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September 2020