Phoenix homes have depreciated 24% from their peak value in June 2006 according to my analysis of the Case-Shiller data.
From the August 2007 mortgage meltdown to this latest data for February 2008, prices fell 17%, or almost 3% per month.
And the fall continues to accelerate but at a decreasing rate according to the latest Case-Shiller numbers. From January to February prices fell 4.25%, slightly higher than the previous month which was 4.23%.
Last month I said, “Clearly, we’ll start to see the decline begin to decelerate in February or March.” Well, I was wrong about February. Let’s see about March.
As always, the Case-Shiller index obscures the large differences within metro Phoenix sub-markets. This website, ArizonaRealEstateNotebook.com, is the best I’ve seen for allowing you to look at real estate trends by zip code and to tease out trends within the metro Phoenix area.
ADDED: Forget everything I ever said about a soft landing.
{ 1 comment… read it below or add one }
Matthew 06.05.08 at 6:29 pm
OMG OMG!! THINGS HAVE REALLY TURNED AROUND HERE IN TEMPE- SPECIFICALLY THE CONDOMINIUM MAKET! AS OF JUNE 6TH, 2008, AVG SELLING PRICE FOR CLOSED SALES, TOWNHOUSE/CONDO SALES EDGED UP TO $182,433 FROM APRIL 2008 OF AVG $169,222….
WE ARE ON THE VERGE OF THE BEGINNING OF ANOTHER BOOM- IT WILL BE A WILD RIDE HERE AGAIN!