PHOENIX — Metro Phoenix is recovering from home price declines over the past year, as prices are on the rise again.
While home prices were down 6.6% year-over-year in July, prices are inching back up, with a 0.9% increase from June to July and 1.1% from May to June, according to the S&P CoreLogic Case-Shiller Index released Sept. 26.
The data shows that 19 of the 20 major metro markets reported month-over-month price increases.
Nationwide, lower-priced homes are seeing stronger recovery, given the lack of affordable inventory and more demand pressure put on that segment, said Selma Hepp, chief economist for CoreLogic.
