Arizona No. 2 for largest house price appreciation

By: AZ Big Media 

Arizona had the second largest house price appreciation among all states between the first quarters of 2021 and 2022 at 27.5%, with only Florida having a higher figure at 29.8%.

The Federal Housing Finance Agency (FHFA) House Price Index report for the first quarter 2022 indicated all 50 states and the District of Columbia had house prices increases over the year with the nation at an 18.7% increase.

The Mountain division had the biggest upturn in prices over the year with 24.0%, which makes sense when you consider that out of the top 10 states ranked by price appreciation five were in mountain states: Arizona (2), Utah (3), Idaho (5), Montana (6), and Nevada (7).

Metropolitan area data for all transactions (both purchase and refinance mortgages) indicate that Arizona metros had substantial house price increases over the year at 30.3% in Flagstaff, 30.1% in Phoenix, 27.1% in Yuma, 26.8% in Lake Havasu City-Kingman, 25.5% in Prescott Valley-Prescott, 25.2% in Tucson, and 23.6% in Sierra Vista-Douglas. The all transactions increase for Arizona and the U.S. were 28.7% and 19.4%, respectively.

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