PHOENIX — Home price growth may be rising nationwide, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, but metro Phoenix price growth declined by 4.5% in March.
That's on the heels of the Valley dipping into negative home price growth territory in February for the first time since the Great Recession, showing a 2.1% slide in year-over-year home price growth, according to the S&P Case-Shiller report released in April.
Still, real estate experts told the Business Journal that despite the slide in March, a lot has happened in the Phoenix metro in the past two months.
Steven Hensley, advisory manager for Zonda housing research firm, said he's seeing a resiliency in the housing market this spring.
"While sales volumes for new and resale homes are lower than a year ago, home prices have modestly increased this spring," Hensley said.
