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PHOENIX -- Home prices are rising in the Valley faster than anywhere else in the nation, a pricing index showed.

The latest Case-Shiller home price index showed that home prices in the Phoenix area jumped by 22.5 percent in the past year.

Diane Brennan, host of "That Real Estate Show" on KTAR, said that Phoenix home prices were the first to drop during the recession, so it only makes sense that the Valley tops the list now that prices are making a comeback.

In fact, Brennan said some areas of the Valley have home prices that are rising much faster than that 22.5 percent figure.

"It might be 22 percent on average, but we've seen some places jump 100 percent in some of the hardest hit areas," she said, adding that those areas include south Phoenix, Queen Creek, San Tan Valley and other outlying areas.

The prices are rising because the demand for homes is high, while the inventory is low. That causes a problem for realtors like Brennan.

"It's frustrating for realtors and real estate agents in the Valley because we have buyers, but we just don't have any sellers."

Brennan said many people are still hanging on to their homes because they were underwater in their mortgage and they don't realize that prices have risen.

Brennan does not believe in predictions that Phoenix is in a second housing "bubble" that is about to burst.

"I think that ‘other bubble' is a bunch of malarkey," she said. "I think those people who are panicking and calling doomsday again is unfounded."

Brennan said if you're thinking of selling your home or even refinancing your mortgage, now's the time to ask your realtor what your home is worth.

Bob McClay, Reporter

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