(See recent posts on Phoenix Case-Shiller Home Price Index.)
Phoenix Homes Appreciate in August
Greater Phoenix home prices appreciated 1.6% between July and August, 1.8% between June and July, and 1.1% between May and June, according to my analysis of Case-Shiller data.
Historically, 1.6% appreciation in one month is huge for Phoenix. We’ve now seen 4.5% appreciation in 3 months. A 4.5% appreciation wouldn’t be bad for an entire year! So we’re seeing a lot of volatility in prices. We didn’t see prices bottom out and flatten out. This could be, however, what stock market analysts call a “dead cat bounce.” We’ll see.
The Index for Las Vegas has now been below the Index for Phoenix for 2 months.
Great News for Arizona Home Buyers
Phoenix home prices are still low, the index is the same as in May 2001.
I was thinking Phoenix home prices could drift lower this autumn but now looking at the strength of the upward momentum in August, a flat autumn is a real possibility in my mind.