Arizona Real Estate Notebook

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

Even though November is traditionally not a strong month, Case-Shiller data show that metropolitan Phoenix homes appreciated over 1% from October to November 2009. The (expected) end of the $8,000 first-time home buyer tax credit was no doubt an important factor in pushing up Phoenix home prices in November.

Phoenix Homes Appreciation Increases in November

Greater Phoenix home prices appreciated 1.1% between October and November compared to appreciation of 0.8%, 1.6%, 1.8%, 1.1% and 1.3% in the previous 5 months, according to my analysis of Case-Shiller data.

Phoenix home price appreciation has been strong for the last six months. 1.1% appreciation in one month is very large and we’ve now seen 7.7% appreciation in 6 months, that’s a good year’s worth of appreciation right there. (The rate of home price appreciation is different in different areas of Phoenix.)

The Case-Shiller Home Price Index for Phoenix is where it was in February 2002.