Phoenix home prices soared year-over-year by 33.1% in September

PHOENIX – The Phoenix market continues to lead the nation in home price increases, but the blistering pace appears to be slowing ever so slightly.

The latest S&P CoreLogic Case-Shiller 20-city home price index, which was released Tuesday, showed Phoenix with a 33.1% year-over-year increase for September.

Overall, the index of home values in 20 major U.S. cities climbed 19.1% over the most recently measured 12-month period.

Phoenix has registered the index’s largest annual growth percentage for 28 consecutive months.

“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration,’” Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said in a press release.

“Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly.”

The September 20-city index figures are down a bit from the previous month’s annual rise of 33.3% for Phoenix and 19.7% overall.

Phoenix was followed by Tampa (where prices rose 27.7%) and Miami (25.2%) for September. All 20 cities in the index saw double-digit increases and set price records, with the smallest gains in Chicago (11.8%) and Minneapolis (12.8%).

The housing market has been strong thanks to rock-bottom mortgage rates, a limited supply of homes on the market and pent-up demand from consumers locked in last year by the pandemic.

The Associated Press contributed to this report.

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