(See recent posts on Phoenix Case-Shiller Home Price Index.)
Phoenix homes have depreciated 27% from their peak value in June 2006 according to my analysis of the Case-Shiller data.
Let’s say that another way that might paint a better picture for you; Phoenix homes were 36% more expensive in June 2006.
From the August 2007 mortgage meltdown to this latest data for March 2008, prices have fallen 20%, or almost 3% per month.
20% in 7 months. Wow!
The fall in prices lost a little steam in March according to the latest Case-Shiller numbers. From February to March, prices fell 3.44%, a bit less than the decline the previous month, 4.25%.
As always, the Case-Shiller index obscures the large differences within metro Phoenix sub-markets. This website, ArizonaRealEstateNotebook.com, is the best I’ve seen for allowing you to look at real estate trends by zip code and to tease out trends within the metro Phoenix area.
