(See recent posts on Phoenix Case-Shiller Home Price Index.)
Case-Shiller numbers show home prices depreciating at an increasing rate in these Western cities. Does that make any sense?
Well, it’s old news that prices fell in November but it’s nice, I suppose, to know the exact magnitude of the decline.
Phoenix Home Prices
The Case-Shiller numbers show metro Phoenix home prices fell by 3.2% in the single month of November. One remark, “Wow!” The previous big loser was October 2007 with a 2.3% fall.
So using Case-Shiller numbers, Phoenix home prices are down 14.5% from the peak of July 2006 and down 12% January through November 2007.
Outlook for Phoenix Home Prices
Prices will continue to fall in December and January. It will be interesting to see if the typical seasonal strength in prices February through May will be able to stop the fall. With so much downward momentum, it’s hard to see how the high season could stop the fall. It will probably just slow it down.
Phoenix is many real estate markets
What’s great about this month compared to the last time I published this graph is that now I have charts of the median home prices by zip code in Maricopa county, Arizona.
Metro Phoenix is many real estate markets. The Case-Shiller indices hide the fact that there are large differences within the Phoenix market.
My median home price graphs by zip code can help you untangle some of the sub-markets of the Phoenix real estate market.
