Case-Shiller Home Price Index – Phoenix homes depreciate unexpectedly in January and February

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

I suppose we got a slump after the scheduled end of $8,000 first-time homebuyer tax credit last November. The program, however, was extended before it ended. (When looking at the cost (in)effectiveness of the program, we should take the post-program price slump into account.)

The program ended for good on April 30 so it will be interesting if we see a similar dip in May and June values. (I suspect the program “stole” from future sales and we will indeed see a dip in sales and values.)

Phoenix Homes Depreciate in January and February!

Greater Phoenix home prices appreciated 9% from June to December but then fell 2% from December to February, according to my analysis of Case-Shiller data.

The Case-Shiller Home Price Index for Phoenix is where it was in August 2001.

We have a time machine market. These prices are like going back in time.

May 12, 2010 by Realtor John Wake

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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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