The Phoenix real estate market is very active this year. Activity has increased greatly. But Phoenix home prices have only grown modestly. This is great if you are a buyer. If you own a home and it is underwater this is not good.
Phoenix continues to see more modest home price growth compared to other Western cities where the real estate recovery is more robust.
The latest Standard & Poor’s/Case-Shiller Home Price Index out today shows Phoenix home prices up 2.9 percent in February compared to a year ago.
That’s not as virile as the price gains seen in other Western cities such as Denver, which saw a 10 percent year-over-year gain.
Seattle (7.1 percent), Las Vegas (5.8 percent), Los Angeles (5.8 percent), Portland (7.1 percent) and San Francisco (9.8 percent) also have seen healthier price gains than Phoenix, according to the real estate gauge.
Nationally, the Case-Shiller Index increased 4.2 percent since last February in the 20 largest U.S. markets.