Valley housing demand slows, but price growth doesn’t

By Angela Gonzales | Phoenix Business Journal

Despite a bit of softening in housing demand and a small uptick in the housing supply, home price growth in metro Phoenix continues to top the nation, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.

Phoenix led the nation with a 25.9% year-over-year price gain in May, followed by San Diego at 24.7% and Seattle at 23.4% at a time when the national gain of 16.6% set a record high.

While homebuilders and developers have been busy buying land throughout the Valley, the housing supply is still very constrained, said Thomas Brophy, research director for Colliers International.

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