(See recent posts on Phoenix Case-Shiller Home Price Index.)

Home prices fell 5.8% from December to January according to the Case-Shiller Home Price Index for Phoenix, Arizona. That was the largest single month decline for the Index.

Time Machine

The January Case-Shiller Home Price Index for Phoenix, Arizona was where it was 6 years earlier in January 2003.

On the other hand, Phoenix home prices have fallen 48% from the peak in June 2006.

Below are my comments from last December and they still hold true.

We probably won’t see prices of Phoenix homes strengthen until February or March (and those Case-Shiller numbers won’t be published until 2 months later). I’m guessing that by June there will be a lot of buzz about Phoenix home prices having bottomed out reflecting strong Spring sales and, in fact, that may be true in some areas of metropolitan Phoenix.

As always, the Case-Shiller index obscures the large differences within metro Phoenix sub-markets. This web site, Arizona Real Estate Notebook, is the best I’ve seen for allowing you to look at real estate trends by zip code and to tease out trends within metropolitan Phoenix.

Phoenix Home Price Index

The S&P/Case-Shiller Home Price Indices are calculated monthly using a three-month moving average and published with a two month lag.