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.
{ 2 comments… read them below or add one }
Amy Murphy 01.31.10 at 9:53 pm
Hello John,
Great Positive Blog! Do you mind if I re-post this with credit to you of course?
Amy Murphy
John Wake 01.31.10 at 10:29 pm
Amy, Sure! As long as you link back to my post so people can see the original it’s never a problem.