PHOENIX — Home prices are rising in the Valley faster than anywhere else in the nation, a pricing index showed.
The latest Case-Shiller home price index showed that home prices in the Phoenix area jumped by 22.5 percent in the past year.
Diane Brennan, host of “That Real Estate Show” on KTAR, said that Phoenix home prices were the first to drop during the recession, so it only makes sense that the Valley tops the list now that prices are making a comeback.
In fact, Brennan said some areas of the Valley have home prices that are rising much faster than that 22.5 percent figure.
“It might be 22 percent on average, but we’ve seen some places jump 100 percent in some of the hardest hit areas,” she said, adding that those areas include south Phoenix, Queen Creek, San Tan Valley and other outlying areas.
The prices are rising because the demand for homes is high, while the inventory is low. That causes a problem for realtors like Brennan.
“It’s frustrating for realtors and real estate agents in the Valley because we have buyers, but we just don’t have any sellers.”
Brennan said many people are still hanging on to their homes because they were underwater in their mortgage and they don’t realize that prices have risen.
Brennan does not believe in predictions that Phoenix is in a second housing “bubble” that is about to burst.
“I think that ‘other bubble’ is a bunch of malarkey,” she said. “I think those people who are panicking and calling doomsday again is unfounded.”
Brennan said if you’re thinking of selling your home or even refinancing your mortgage, now’s the time to ask your realtor what your home is worth.
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- 12 things to watch before the Oscars
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Best and worst of Super Bowl commercials
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Operation Santa Claus needs holiday help
- This college bowl season is likely to be epic
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night