PHOENIX — Home prices are now inching back up in metro Phoenix, despite mortgage interest rates hovering around 7%.
Nationwide, year-over-year home prices increased 5.5% in December, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released Feb. 27. Phoenix showed a 3.8% increase in December, the latest numbers of the report.
Normal real estate is back, said Greg Hague, CEO of 72Sold residential real estate agency.
"Today's market feels good, with enough home inventory that buyers have choices, and enough buyer demand to steadily push up home values," he said. "Rising home prices are a key to making buyers pull the trigger and say yes to a 7% interest rate."
It's the lesser of two evils, he said.
