As the economy recovers from the 2008 financial crisis and unemployment hits record lows, demand for single-family homes has steadily increased.

U.S. home prices climbed 6.2 percent from a year ago.

According to Standard & Poor's national home price index, 2017 prices are above their previous peak in 2006.

In Phoenix, home prices are lower than the national average, but still increased 9 percent from last year.

Strong demand from would-be buyers and a shrinking supply of homes for-sale mean that prices are climbing at more than double the pace of wage growth.