Phoenix topped the list of cities with home price increases, in June 2021 where according to an S&P CoreLogic Case-Shiller report, at over 29% year-over-year, which marked the 25th consecutive month. Nationwide, with an 18.6% annual gain in home price, we saw the largest increase in more than 30 years. All cities analyzed showed double-digit jumps in home prices year-over-year. Phoenix’s increase was closely trailed by San Diego at 27.1% and Seattle with 25%, while Chicago had the smallest increase at 13.3%. Collectively, the 20 cities studied posted a gain of over 19%.
Relatedly, housing costs climbed almost 17.5% across the United States in Q2 2021, marking the 40th straight quarter of housing price growth, as per the Federal Housing Finance Agency House Price Index report. All 50 states showed a one year rise in price during Q2.
The top five states showing the largest price hikes were:
- Idaho, 37.1%
- Utah, 28.3%
- Arizona, 23.9%
- Montana & Rhode Island (tie), 23.7%
Coincidentally, four of the top five states are located in the Mountain region.
The FHFA House Price Index report culls data on a regional, state, and 100 largest metropolitan area for the purchase-only index. For the all-transactions index— which includes purchase and refinance mortgages— supplies home price increase information for all metropolitan areas. On the all-transactions list, three Arizona cities ranked among the top metro areas:
- Lake Havasu City-Kingman, 20.4%
- Phoenix, 19.5%
- Prescott Valley-Prescott, 17.7%
Other Arizona cities that showed increases were Yuma (18.2%), Flagstaff (16.8%), Sierra Vista-Douglas (16.7%), and Tucson (15.7%).