(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.

case shiller housing index for phoenix and scottsdale arizona