The most recent home price index released Tuesday shows that metro Phoenix nose-dived to 12th place in the nation, showing a 6.3% year over year home price growth rate in November.
Miami, Tampa and Atlanta took the top spots in year-over-year price percentage gains, with price increases of 18.4%, 16.9% and 12.7% respectively.Steven Hensley"Despite lower prices, affordability remains a challenge in Phoenix and we expect home prices to continue falling in the short term," he said., it appears that some buyers are re-entering the market with mortgage rates in the low 6% [range], down a bit from the low 7% range last fall, he said.
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