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Home, rent prices in Phoenix on the rise over the last year

(AP Photo/Richard Drew, File)

PHOENIX — It is getting more and more expensive to live in Phoenix.

Frank Nothaft with CoreLogic told KTAR News 92.3 FM that the average home price in the city has increased by 7.7 percent since June of last year.

That was faster than the national average, which was at 6.8 percent.

“There’s a strong demand for homes,” in Phoenix, he said, adding that that combined with a low inventory leads to a faster average home price growth.

“We continue to see a very limited inventory for sale on the market.”

And Nothaft said that growth was not expected to stop anytime soon.

“We will see further growth over the coming year, but it was not expected to be as rapid as the past year.”

However, that was good news for those in Phoenix looking to sell their homes.

“Sellers have benefited a lot from that home price growth,” Nothaft said, adding that home prices are up about 80 percent from the “trough” in spring 2011.

“If you bought your home in 2011, 2012 or after, you benefited from the home price growth in the Arizona market.”

But renters in Phoenix were also affected.

A recent analysis from Zillow found that the median rent price in Phoenix had increased by 1.8 percent over the last year, to $1,294.

The median rent across the U.S. rose by 1.3 percent during that same time period, to $1,440.

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