Phoenix price growth far outdistances the next two major metros: Seattle, with 6.5% year-over-year growth, and Tampa, Florida, at 5.9% price growth.
Phoenix’s growth is now more than twice the year-over-year national increase, at 4.3%.
Peter O’Neil, research director for NorthMarq, said these results show the resiliency of the Valley housing market.
“Annual price gains in the Phoenix area have been outpacing the national average since early 2018, and the pace of increases has been accelerating in recent months,” O’Neil said.
June 2020 marks the 13th consecutive month where Phoenix was the leading market in the S&P CoreLogic Case-Shiller Index after Phoenix caught and passed Las Vegas, he said.
“What’s setting Phoenix apart has been the supply/demand imbalance in the market,” O’Neil said. “Several years of strong population growth — averaging more than 75,000 people per year — have created pent-up demand for housing, and to this point in the cycle, new home construction has not kept up with demand growth. This is putting upward pressure on housing prices.”