The housing market in Phoenix experienced a slight increase in prices in 2023, and an expert has predicted that the market may witness “new record highs in the upcoming year.” Selma Hepp, the chief economist at CoreLogic, attributed this to the strong demand for housing in the region. In an email statement, Hepp stated that the Phoenix housing market continued to outperform at the end of 2023. Despite not reaching the peak prices seen in June 2022, home prices consistently showed robust monthly gains throughout the year. With the persistent strong demand in the area, it is likely that home prices will fully recover in 2024 and achieve new record highs in the following year.
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