Home values increased in Mohave County by more than 10 percent in the past year and almost 4 percent in the last quarter, according to the Federal Housing Finance Agency. The meteoric increase is enough to rank as the fastest in Arizona and the 13th-fastest in the nation.
The last time local home prices rose so quickly was in the pre-recession era of the mid-2000s. Back then, it wasn’t just local prices that leaped and the housing rush actually set up the housing bubble that was a main cause of the recession.
Can that happen now? Never say never, but home prices now are not even close to what they were before the recession. Local home prices tumbled by 30 percent or 40 percent, depending on the measurement, during the recession. It does, after all, take a 100 percent increase to make up for a 50 percent decline.