Phoenix led over 20 U.S. cities in home price growth in February, according to a new report from S&P Dow Jones Indices.
While home prices continue to increase across the country, Phoenix led the way for the 21st consecutive month with a year-over-year gain of 17.4%. The Valley was followed closely by San Diego with a 17% increase and Seattle with a 15.4% increase.
“Strong home price gains continued in February 2021,” said Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI. “These data remain consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing.”
