Home prices hold steady in metro Phoenix, but expect more gains

Year-over-year home prices in Phoenix inched up a bit in November, according to the latest S&P CoreLogic Case-Shiller Indices.

Released on Jan. 27, the report shows a 1.56% year-over-year increase in November home prices in metro Phoenix. Home prices were down 0.05% between September and October, but remained stable at .02% between October and November.

“Phoenix continues to be one of the slower appreciating markets, though signs of revival are coming through, particularly in pricing of lower and higher priced properties,” said Selma Hepp, economist at Irvine, California-based property data company CoreLogic Inc.

Phoenix has seen a jump in inventory over the last year, which also is helping to keep a lid on home price gains, Hepp said.

With mortgage rates hovering around 7%, homebuyers are starting to accept this rate as the new norm, at least in the near term, said Greg Hague, CEO of Scottsdale-based 72Sold. Hague expects to see home prices appreciate by as much as 5% in 2025.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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