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.
