Metro Pheonix and Arizona home values continue rising at the fastest rate in the nation, according to data released by Corelogic.
Home prices- including foreclosures and shortsales- in the Pheonix, Mesa and Glendale markets jumped 14.7 percent in May compared with the same time last year, the Corelogic report said.
That’s the biggest spike of the Ten major metropolitan areas that Corelogic examined. Houston came in behind the Pheonix are with a 3.5 percent year-over-year increase, while the Washington market came in third with a 2.8 percent rise in May.
Arizona’s statewide housing market in May saw a 12 percent hike in property values from a year earlier, that was the biggest jump of the state, the report said.
Idaho’s 9.2 percent year-over-year increase, came in second and was followed by South Dakota’s 8.7 percent rise during the same period.
Arizona and metro Pheonix’s dramatic improvements were notably bettter than the nation’s 2 percent year-over-year increase, Corelogic said.