(See all posts on Phoenix Case-Shiller Home Price Index.)
The Case-Shiller Home Price Index measures home price appreciation (and depreciation).
Prices Still Increasing Very Fast for Low and Middle Priced Phoenix Homes
Prices for the low and middle tier priced Phoenix homes continued to increase rapidly in October even though it’s common for prices to fall a bit in October. Going against the typical seasonality means we have a very strong upward trend in Phoenix home prices in these price ranges.
Prices for the high tier continued to increase but at a much slower rate than earlier in the year.
Phoenix Home Price Appreciation – August 2011 to October 2012
• Low Price Tier = Up 44%
• Middle Price Tier = Up 28%
• High Price Tier = Up 15%
See the price breakpoints for the 3 tiers below the chart.
Phoenix AZ Case-Shiller Home Price Index
Phoenix Home Price Tier Breakpoints for October 2012
• Low Tier – Up to $139,278
• Middle Tier – $139,278 – $230,770
• High Tier – $230,770 and up
The Case-Shiller Home Price Index (press release) is the best estimate of actual home price appreciation (or depreciation). The downside to the Case-Shiller Index, however, is that it runs a little old, the most current data is only through October 2012.
Call me if you plan to sell your home and you want to know what this all means for you. John Wake, HomeSmart, (480) 463-4475
Phoenix Real Estate Market
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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.