Wednesday, May 30, 2012

Report: Phoenix-area home prices posting fastest rise in U.S.

Metro Phoenix home prices are rising faster than anywhere else in the country, according to the latest national data.

The Case-Shiller Home Price Index shows the average existing home price in the Phoenix metro area in March increased 2.2 percent over February of this year. That's the largest increase of any of the 20 major U.S. cities tracked.

Seattle's average home price climbed 1.7 percent during March, the second-biggest increase on the index.

For the year, metro Phoenix also had the highest price increase: 6.6 percent. Denver ranked second with a 2.6 percent uptick in its average house price.

Metro Phoenix's home prices started to climb in September and have steadily increased since then. Recent data showed the region's median resale-home price was a little more than $138,000, a 24 percent increase since the post-boom low in August.

The Case-Shiller report lags a few months because of the time it takes to compile national data and the seasonally adjusted average.

Nationally, Case-Shiller reports, March home prices posted their smallest decline since the crash that started in early 2008.

Still, home prices remain far below previous highs. National and Phoenix home values are around mid-2002 levels.

by Catherine Reagor - May. 29, 2012 07:19 PM The Republic |

Report: Phoenix-area home prices posting fastest rise in U.S.

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