Phoenix has topped the nation in annual home price gains, according to the latest results of the S&P CoreLogic Case-Shiller Indices.
Data through December 2019 revealed year-over-year price increases of 6.5% in Phoenix — nearly double the national average — followed by 5.3% in Charlotte, North Carolina, and 5.2% in Tampa, Florida, according to the S&P CoreLogic Case-Shiller US National Home Price NSA Index.
The national average was 3.5% in December, up 3.5% in the previous month, said Craig J. Lazzara, managing director and global head of Index Investment Strategy at S&P Dow Jones Indices.
“This marks eight consecutive years of increasing housing prices — an increase which is echoed in our 10- and 20-city composites,” Lazzara said in a prepared statement when announcing the latest results on Feb. 25.
The price growth in metro Phoenix is partly because the Valley is undersupplied in existing homes for sale on the market.
Total single-family listings are about 17,000, which equates to a 2.1 month supply of inventory, said Thomas Brophy, national director of multifamily research and analytics for Colliers International.
“Anything under three months suggests that we are still very much undersupplied,” Brophy said.