Warnings of a coming real estate market meltdown have been spurred by steadily rising home prices.
But according to one estimate, home values in a city with skyrocketing costs have fallen during the past month.
According to data released by the Federal Housing Finance Agency (FHFA) last month, national home prices increased by 1.6 percent in April compared to the previous month.
However, year-over-year data revealed the true extent of skyrocketing home prices and the pressure placed on first-time buyers.
According to the FHFA, values increased by nearly a fifth (18.8%) and by more than a third during the previous two years (34 percent).
A recent investigation, however, indicated that prices in the state capital of Arizona may be declining.
According to data shared on Twitter by independent real estate market researcher John Wake, prices in Phoenix increased steadily from $365,000 to $458,000 in 2021 before peaking at $515,000 in May 2022.