Are visitors loving the Grand Canyon to death?
U.S. Home Prices Increased 6.2 Percent From Last Year
As the economy recovers from the 2008 financial crisis and unemployment hits record lows, demand for single-family homes has steadily increased.
U.S. home prices climbed 6.2 percent from a year ago.
According to Standard & Poor's national home price index, 2017 prices are above their previous peak in 2006.
In Phoenix, home prices are lower than the national average, but still increased 9 percent from last year.
Strong demand from would-be buyers and a shrinking supply of homes for-sale mean that prices are climbing at more than double the pace of wage growth.