By Angela Gonzales | Phoenix Business Journal
For the 33rd consecutive month, metro Phoenix led the nation in February home price growth — at a whopping 32.9% year-over-year gain, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released April 26.
But rising mortgage interest rates could put a bit of a damper on this upward trajectory, analysts say.
“We expect home price appreciation to slow down due to the new environment in the mortgage industry,” said Steven Hensley, advisory manager for Zonda housing market research firm. “However, it is unlikely that home values will fall in the short term given low inventory levels. Given all the uncertainty in the housing market today, Phoenix home buyers are proving resilient.”
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