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

Flat. Up. Down. Quite the mixed bag for home prices in Phoenix, Los Angeles, San Diego and Las Vegas!

We already know the number of homes sold in July was WAY down. It’ll be interesting to see what happened to home price appreciation in July (or depreciation in Vegas’ case) as the $8,000 first-time home buyer tax credit ended.

It won’t be good for homeowners. I bet we see depreciation in Phoenix home prices in July and August and maybe September.

Phoenix Home Prices Flat from May to June

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

Looking at the median home price charts in the right-hand column, we can see that many zip codes are looking at 2004 prices and many are probably looking at prices from the 1990’s, although the charts don’t go that far back.

It’s an interesting factoid to know that Phoenix home prices are overall where they were in 2001.

Just remember that that 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.