Quick Market Minute - Week 36

According to the Phoenix Business Journal:

Home Price Index hits new high in June and Phoenix growth is still off the charts.

Once again, Phoenix leads the nation in home price growth, with year over year price increases of 9% in June according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Phoenix far outdistances the next two major metros: Seattle, with 6.5% year over year growth, and Tampa, FL at 5.9% growth.

Phoenix’s growth is now more than twice the year over year national increase of 4.3%.

June 2020 marks the 13th consecutive month where Phoenix was the leading market in the S&P CoreLogic Case-Shiller Index.

Several years of strong population growth—averaging more than 75,000 people per year—have created pent up demand for housing, and so far new construction has not kept up with demand growth. This is putting upward pressure on housing prices.