Case-Shiller Phoenix Home Price Indices updated through March 2008

(See recent posts on Phoenix Case-Shiller Home Price Index.)

Phoenix homes have depreciated 27% from their peak value in June 2006 according to my analysis of the Case-Shiller data.

Let’s say that another way that might paint a better picture for you; Phoenix homes were 36% more expensive in June 2006.

From the August 2007 mortgage meltdown to this latest data for March 2008, prices have fallen 20%, or almost 3% per month.

20% in 7 months. Wow!

The fall in prices lost a little steam in March according to the latest Case-Shiller numbers. From February to March, prices fell 3.44%, a bit less than the decline the previous month, 4.25%.

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.

May 29, 2008 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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