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

We knew from the median sales price data that came out earlier that home prices fell in metro Phoenix in July and now with the Case-Shiller Index we can better quantify by exactly how much Phoenix homes prices fell… by 0.6%.

Las Vegas fell by 0.8% but those crazy California cities were actually up in July! Go figure.

Hey, Everybody in California Planning to Retire Soon – Sell your dang Cali home, buy one in Arizona and live better. (This advise does not apply to surfers and marijuana growers.)

Hey, I just noticed what I said last month, “I bet we see depreciation in Phoenix home prices in July and August and maybe September.” And now we know it’s virtually certain that the Case-Shiller Home Price Index for Phoenix will fall for August when that data is released next month.

Phoenix Home Prices Fall from June to July

Phoenix home prices overall are now where they were in August 2001, according to my analysis of the Case-Shiller data.

And this does NOT account for inflation. The inflation calculator app on my phone estimates inflation from 2001 to 2010 to be 24% in total. So, in real dollars prices are about 24% cheaper today in metro Phoenix than in 2001.

Take advantage of it.