COVID-19 Spike Could Impact Phoenix Housing Sales

By Angela Gonzales | Phoenix Business Journal

Home prices are expected to slump during the summer months nationwide, according to CoreLogic HPI, which reported a 4.8% increase in year-over-year home prices in May nationwide as demand continued to prop up home price growth.

Nationwide, CoreLogic HPI Forecast predicts a month-over-month price decrease of 0.1% in June and a year-over-year decline of 6.6% by May 2021.

In metro Phoenix, where COVID-19 is raging, CoreLogic analysts expect a slowdown.

“With for-sale inventories trending over 20% below last year levels and new contract signings exceeding last year levels, Phoenix home price growth continues to feel the pressure,” said CoreLogic Economist Selma Hepp.

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