PHOENIX — Phoenix is experiencing the largest decline in home price growth among the nation's largest metro areas.
For nearly three years, Phoenix topped the nation in home price growth, according to S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. But since the Valley fell to second place, the metro has been on a rapid descent.
The most recent home price index released Tuesday shows that metro Phoenix nose-dived to 12th place in the nation, showing a 6.3% year-over-year home price growth rate in November.
"Home prices are now down 8% in Phoenix compared to the 2022 spring peak, which is twice as large as the decline in prices nationally, but still lower than declines in the Bay Area and Seattle — down about 14%," said Selma Hepp, chief economist for CoreLogic. "Still, with all the price growth during the early days of the pandemic, home prices in Phoenix are now almost 40% higher than they were at the onset of the pandemic."
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