Phoenix home prices in March up 7.7% from a year ago

Home prices in the Phoenix area increased by 7.7 percent from March 2011 to March 2012, according to a survey by CoreLogic, a California-based data and research firm. Take the distressed sales out, and the number declines to 4 percent growth, meaning the greatest price increases are being felt in distressed home sales. For purposes of the survey, distressed homes include short sales and foreclosed properties. Including distressed sales, the five states with the greatest appreciation from February to March this year were Wyoming (5.9 percent), West Virginia (5.3 percent), Arizona (5.1 percent), North Dakota (4.7 percent) and Florida (4.5 percent). Home prices nationwide, including distressed sales, declined by 0.6 percent in March 2012 compared with March 2011. From February to March 2012, those prices increased by 0.6 percent. “While housing prices remain flat nationally, in many markets tighter inventories are beginning to lift home prices,” said Anand Nallathambi, president and CEO of CoreLogic. “This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago. A continuation of this trend will be good for our industry across U.S. markets.”

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