Article Originally Posted by AZBigMedia on March 29, 2023
Arizona home prices rose 6.3% between the fourth quarter of 2021 and fourth quarter of 2022. This was below the U.S. price gain of 8.4% for the same time period and well below price gains of the previous year. Back in the fourth quarter of 2021, house price gains were focused on the Mountain region with a 23.4% 12-month increase.
Arizona, Utah and Idaho had the largest one-year price increases out of all states at that time. In the fourth quarter of 2022, the Mountain region had a 6.1% price increase and the three Mountain states that had been at the top are now ranked 37th, 46th, and 49th, respectively. The U.S. one-year price change went from 17.9% in the last quarter of 2021 to 8.4% in the last quarter of 2022 on a seasonally adjusted basis. The biggest price gains shifted to the South Atlantic region, which increased 12.4% over the year in the fourth quarter of 2022 and the state with the highest appreciation was Florida at 15.2% followed by North Carolina (13.4%) and South Carolina (12.9%). All states had positive price changes over the year in the fourth quarter of 2022 according to the February 28 Federal Housing Finance Agency (FHFA) release, while the District of Columbia dipped into negative price changes.
State level data provided in the press release are based on a purchase-only index while data for all metropolitan areas are available on the FHFA website with an all-transactions index which includes both purchase and refinance mortgages. One-year price changes in Arizona home prices for the fourth quarter of 2022 all-transactions index were 11.7% in Flagstaff, 10.3% in Lake Havasu City-Kingman, 10.8% in Phoenix, 9.0% in Prescott Valley-Prescott, 13.8% in Sierra Vista-Douglas, 13.7% in Tucson, and 16.0% in Yuma. All-transactions price gains were 11.8% for the U.S. and 11.1% for Arizona for the fourth quarter of 2022.
Find The Complete Article Here: Increase in Arizona home prices no longer top in the nation - AZ Big Media