(AP File Photo/Michael Conroy)
PHOENIX – Home prices increased more in Phoenix in the past year than in any other major U.S. metro area, according to data released Tuesday.
The S&P CoreLogic Case-Shiller 20-city home price index showed the average Phoenix home price for August at 9.9% higher than it was a year earlier.
Nationally, the index showed a 5.2% increase, stronger than economists had expected despite economic fallout from the coronavirus pandemic. The year-over-year increase was 4.1% in July.
The index tracks residential real estate value for 20 major cities each month. The August 2020 report excluded Detroit because of delays in data, but the other 19 cities all saw year-over-year price increases.
After Phoenix, Seattle (up 8.5%) and San Diego (7.6%) saw the largest gains.
Helped by rock-bottom mortgage rates, the U.S. housing market has been a source of strength as the U.S. economy climbs back from an