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Metro Phoenix home prices back on the rise as builders make the most of strange market conditions

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Metro Phoenix is recovering from home price declines over the past year, as prices are on the rise again.

While home prices were down 6.6% year-over-year in July, prices are inching back up, with a 0.9% increase from June to July and 1.

1% from May to June, according to the S&P CoreLogic Case-Shiller Index released Sept. 26.Nationwide, lower-priced homes are seeing stronger recovery, given the lack of affordable inventory and more demand pressure put on that segment, said Selma Hepp, chief economist for CoreLogic.

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