KTAR News – Arizona’s Nation-Leading Home Prices Should Slow Down in 2023, Economist Says
Even though Arizona has topped the nation in home prices for 30 straight months, there are signs of relief, a Valley economist said.
“Overall, it looks like we’re going to get back to slightly more normal conditions, probably not this year but the following,” economist Jim Rounds of Tempe-based Rounds Consulting Group told KTAR News 92.3 FM on Tuesday.
“But keep in mind that even though prices might not accelerate at the same rate over the next year compared to the prior year, the cost to the individual homeowner could be the same. They’re just paying more in interest costs,” he said.
The latest S&P CoreLogic Case-Shiller National Home Price Index showed Phoenix with the highest year-over-year gains among 20 cities in November, with an increases of 32.2%.