(See recent posts on Phoenix Case-Shiller Home Price Index.)
It looks like the Arizona real estate market may be decreasing at a decreasing rate. That is, it looks like the Arizona real estate market may be starting to pull out of it’s nosedive.
Phoenix homes have depreciated 31% from their peak value in June 2006 according to my analysis of the Case-Shiller data.
Let’s say that another way; Phoenix homes were 45% more expensive in June 2006.
From April to May, metro Phoenix Arizona home prices fell 2.5%, according to the S&P/Case-Shiller Home Price Indices. The declines have been running in the range of 3.4% to 4.3% per month since December 2007 so a decline of “only” 2.5% is an improvement.
As always, the Case-Shiller index obscures the large differences within metro Phoenix sub-markets. This web site, 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.