As the nation’s housing market prices recover to pre-recession levels, homes in the Arizona market are still on average worth 16 percent lower than they were almost 12 years ago.
Those findings come from a report by CoreLogic looking at state by state and national market recovery.
Tina Tamboer, an analyst for the Cromford Report, said current Arizona market conditions are favorable and nothing to worry about..
Most of the country’s housing markets peaked before falling into deep decline around 2006, including Phoenix. Nationally, the market has recovered since dropping 33 percent during the recession, and hitting a bottom in 2011. U.S. housing prices are 1 percent above the 2006 peak.
“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011,” Dr. Frank Nothaft, chief economist for CoreLogic, said in a statement. “Greater demand and lower supply – as well as booming job markets – have given…