Phoenix outdid itself again — topping the S&P CoreLogic Case-Shiller Index for the 16th consecutive month.
Metro Phoenix once again led the nation in year-over-year home price increases in October, the newest data available — at a whopping 12.7%. Seattle trailed behind at 11.7%, followed by San Diego, at 11.6%. Nationwide, the report shows an 8.4% gain in October, up 7% from the previous month, and representing a new high.
What's more, said CoreLogic Deputy Chief Economist Selma Hepp, Phoenix's low-tier home prices were up a staggering 15% in October, representing the strongest growth among 16 cities for which prices are recorded by tier.
"Still, Phoenix remains about 2% below their previous peak," she told the Business Journal. "The strength in home price growth in the region reflects robust demand amid very low inventories, which are still tracking about 30% below last year's levels. In other words, at the current rate of home sales, current inventory would sell out in a little more than a month."
