A great quantity of data was released yesterday from the Office of Federal Housing Enterprise Oversight (OFHEO).
Arizona home appreciation was 16.37 percent (4th highest state) from the 3rd quarter 2005 to the 3rd quarter 2006, but only 1.02 percent above the 2nd quarter of 2006.
They calculate the real appreciation rate not just the change in median home price.
They show Flagstaff was the 7th best market in the U.S. for home appreciation from the 3rd quarter 2005 to the 3rd quarter 2006.
This issue also has a big study comparing appreciation rates in urban versus rural areas. In Arizona, there is essentially no difference between urban and rural appreciation rates.