The Phoenix housing market outpaced 19 other major metro areas in the nation this winter according to CoreLogic. It posted the biggest price surge since last year in comparison to those other cities. The Scottsdale real estate market has also been on the move, contributing to Phoenix’s great success.

Valley home prices increased 23 percent from the previous year in February. This was the biggest increase of 20 measured cities in the United States. Phoenix home prices climbed at an adjusted rate of 1.8 percent monthly. It tied for second with Los Angeles and San Francisco. Las Vegas led the way with a monthly increase of 2 percent. All 20 of the markets recorded growth during this past year. The spike was the highest in almost seven years coming in at a 9.3 percent increase, for the nation, overall.

Chair of the Index Committee, David Blitzer, recounts the report saying, “The 10- and 20-city composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row — the last time that happened was in early 2005.”

In addition, CoreLogic’s foreclosure inventory report noted that Phoenix had some of the country’s lowest foreclosure rates in March at 1.3 and 1.2 percent.

With home prices on the rise and foreclosures on the decline, it means more people are out in the market looking to buy.  The trend in pricing is predicted to continue in the same direction. Prices are expected to increase month over month – making now the time to buy. Visit our Scottsdale Market Trends page for more information.

Grayhawk offers a variety of upscale golf communities and some of the finest amenities in Scottsdale. If you would like to view Grayhawk homes for sale please contact me at (602) 791-0536 or Carmen@TopScottsdaleHomes.com.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.GrayhawkRealEstate.com