(See recent posts on Phoenix Case-Shiller Home Price Index.)
Seattle Bubble blog made this great visualization of Case-Shiller Home Price Index data showing the number of years of appreciation that have been “lost” with the real estate bust.
Phoenix home prices are where they were in January 2000, according to Case-Shiller data so it’s actually more than a lost decade, 11.7 years. But, in fact, the Case-Shiller Index is NOT adjusted for inflation so real, inflation-adjusted home prices in Phoenix are somewhere in the 1990′s.
My ballpark estimate is that if you take into account inflation, Phoenix home prices today are about 24% less than in January 2000.
Click on a circle to see the underlying data.
If you aren’t already working with a Realtor you trust, call me at (480) 463-4475 and I or a Realtor I trust would be honored to help you.
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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"I think the median Phoenix home price could quickly pop up to $144,000+ again. If not in the second half of this year, then certainly in the first half of 2012."Metro Phoenix median home price rose from $116,050 in August 2011 when the post was written to $153,500 in May 2012.
- John Wake, Arizona Real Estate Notebook, August 11, 2011
See full post - Phoenix foreclosures as percentage of homes sold continues to decline.
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