PHOENIX — Home prices continue to inch upward nationwide and in metro Phoenix, stifling the American dream for many first-time home buyers.
December home prices increased 2.09% year-over-year in metro Phoenix and 3.9% nationwide, according to the S&P CoreLogic Case-Shiller Indices released Feb. 25.
While lower than the national rate of home price appreciation, 2024 home price gains in Phoenix were a rebound from the weakness seen in the region in 2023, which has seen a notable increase in the availability of homes for sale and more price-sensitive buyers, said Selma Hepp, chief economist for CoreLogic.
Owning a home has traditionally been the key to middle-class wealth creation, said Greg Hague, CEO of Scottsdale-based 72Sold.
"But for a growing group of Americans, that door has slammed shut, perhaps permanently," Hague said.
At the same time, the luxury market in metro Phoenix is picking up, said Scott Grigg, owner of Grigg's Group Powered By the Altman Brothers.
