The pace of home-price increases in Phoenix topped the national average in June as economic headwinds dampened buyer demand across the country, CoreLogic reported, citing its monthly Home Price Index.
Specifically, home prices were up 26.1% in Phoenix on a year-over-year basis, the second-highest increase after Tampa, Florida, while prices rose 18.3% nationwide. Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 4.3% by June 2023.
“Signs of a broader slowdown in the housing market are evident, as home-price growth decelerated for the second consecutive month,” said Selma Hepp, interim lead of the Office of the Chief Economist at CoreLogic. “This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates and the resulting increased cost of homeownership. Nevertheless, buyers remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”
Single-family homes experienced annual appreciation of 18.7%, compared to 16.6% for attached properties.