The video discusses the February 2014 Case-Shiller Home Price Index report for Phoenix AZ.
Phoenix homes don’t appreciate for first time in 2.3 years
The Case-Shiller Home Price Index did NOT increase at all between November 2013 and December 2013, the first time in 2.3 years the index did not increase month-to-month in metro Phoenix.
Median and average home prices have been flat for metro Phoenix since last summer but the Case-Shiller Index is sort of the benchmark for home prices because it measures appreciation directly and is less prone to fluctuations when the mix of homes sold changes toward higher or lower priced homes.
The Case-Shiller Index had shown slowing, yet positive, home price appreciation for metro Phoenix throughout the fall… until December when the Index fell slightly overall and for each of the 3 price tiers.
Phoenix AZ Case-Shiller Home Price Index
Phoenix Home Price Tier Breakpoints for December 2013
• Low Tier – Up to $169,275
• Middle Tier – $169,275 – $272,537
• High Tier – $272,537 and up
Phoenix Home Price Appreciation – August 2011 to November 2013
Overall Prices = Up 44%
• Low Price Tier = Up 87%
• Middle Price Tier = Up 53%
• High Price Tier = Up 33%
The Case-Shiller Home Price Index (press release) is the best estimate of actual home price appreciation (or depreciation). The downside to the Case-Shiller Index, however, is that it runs a little old.
Call me, John Wake of HomeSmart, at 480-463-4475 for more metro Phoenix real estate market information.
Inflation-Adjusted Case-Shiller Home Price Index for Phoenix, Arizona – December 2013
Overall Prices = 105% of January 2000 index
• Low Price Tier = 98% of January 2000 index
• Middle Price Tier = 101 of January 2000 index
• High Price Tier = 109% of January 2000 index
Click link to see all posts on Phoenix Case-Shiller Home Price Index.
Be aware that there are some problems in applying an index (Consumer Price Index) to an index (Case-Shiller Home Price Index) but, nevertheless, the results are revealing.