Phoenix home prices post gains in March

Recent reports that the Phoenix housing market is finally showing signs of a rebound were bolstered Wednesday with the release of the FNC Residential Price Index’s latest home value figures. Phoenix-area home prices in March, which is traditionally a strong sales month, were up about 1.4 percent from the month prior, tying with Detroit for the seventh-best month-to-month gains in the nation, according to the FNC report, which tracked 22 markets. The national average growth from February to March was one-half percent. For Phoenix, which was among the hardest hit cities by the housing bust, the month-over-month gains are positive indicators for both sellers and home buyers, who can still take advantage of record-low mortgage rates and relatively modest home prices.

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