Home prices in Arizona continue to rise amid limited housing supply and increasing mortgage rates. The typical U.S. home value reached $359,741, up 1.2% year-over-year. Arizona cities like Phoenix-Mesa-Chandler, Flagstaff, Prescott Valley, and Yuma show notable price increases, with some areas experiencing over 5% growth in the past year and significant gains over five years, reflecting ongoing demand despite slower market activity.
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