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Phoenix home price declines continue amid market that's cooling nationally

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The once-soaring growth in Phoenix metro home prices has been steadily sliding for most of this year, and little seems to be changing abc15

Home prices in the Valley slid 2.2% between August and September, the same rate of decline that was seen a month earlier, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released on Nov. 29.

The Phoenix area’s median home price of $328,350 in September was still 12.6% higher than the median price from September 2021, but that is down from the 17.1% year-over-year growth seen in last month’s report and the 22.4% annual rise from August. That yearly growth rate put Phoenix at No. 7 on the report’s index, which is also where the metro ranked last month. Phoenix has been dropping in the rankings since the spring after having spent nearly three years in the top spot with year-over-year growth rates well over 30%.

 

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