Arizona Takes the Lead

Phoenix home prices up 20 percent from year ago to lead nation

Phoenix Business Journal by Adam Kress, New Media Editor

Date: Tuesday, September 4, 2012, 1:01pm MST

Home prices up

Phoenix-area home prices in July were up 19.9 percent from a year earlier, easily the largest percentage gain among major U.S. cities, according to a CoreLogic report released today.

Arizona was also the leader by far among the states in July home price gains, with a 16.6 percent increase from July 2011.

The national average gain, according to CoreLogic, was 3.8 percent during that time — the largest year-over-year increase since August 2006.

On a month-to-month basis, including distressed sales, Phoenix-area home prices were up 2.1 percent from June to July. Nationwide, the average increase was 1.3 percent for that period.

The national figures represent the fifth consecutive home price increase on both a year-over-year and month-to-month basis.

Excluding distressed sales (short sales and foreclosures), home prices nationwide increased by 4.3 percent from July 2011 to July 2012. On a month-to-month basis, excluding distressed sales, home prices increased by 1.7 percent from June to July.

“The housing market continues its positive trajectory with significant price gains in July and our expectation of a further increase in August,” Mark Fleming, chief economist for CoreLogic, said in a prepared statement. “While the pace of growth is moderating as we transition to the off-season for home buying, we expect a positive gain in price levels for the full year.”


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