Phoenix home prices post gains in March
Kristena Hansen of The Phoenix Business Journal reports that Phoenix real estate prices in March 2012 were up 1.4% over the previous month. During the height of our market boom in 2005, we saw prices rise by 6% month-over-month. It’s interesting that our inventory level now is quite similar to what it was in 2005, but we’re not seeing the same crazy appreciation. Any appreciation in the Phoenix real estate market is a good sign, however, and slow growth is more sustainable anyway.
You can read more about current market stats and trends on my Phoenix real estate blog.
Here’s the article:
Recent reports that the Phoenix housing market is finally showing signs of a rebound were bolstered Wednesday with the release of the FNC Residential Price Index’s latest home value figures.
Phoenix-area home prices in March, which is traditionally a strong sales month, were up about 1.4 percent from the month prior, tying with Detroit for the seventh-best month-to-month gains in the nation, according to the FNC report, which tracked 22 markets.
The national average growth from February to March was one-half percent.
For Phoenix, which was among the hardest hit cities by the housing bust, the month-over-month gains are positive indicators for both sellers and home buyers, who can still take advantage of record-low mortgage rates and relatively modest home prices.
However, the FNC report shows Phoenix still has a long way to go.
Valley home prices are still 58.5 percent below their peak six years ago. Only Las Vegas has seen steeper declines, at 62.5 percent, according to Wednesday’s report. The two desert cities were among eight out of 22 markets whose homeowners have lost half or more of their peak market value.
In other metropolitan areas, Houston had the biggest month-over-month gains in March at 3 percent, which was followed by Nashville at 2.1 percent and Atlanta coming in at 2 percent.
Washington, however, fared the worst, the report said. Home values there in March declined by 1.7 percent. Eight markets posted price declines.