(See recent posts on Phoenix Case-Shiller Home Price Index.)
Phoenix Home Price Increase Accelerates!
Greater Phoenix home prices appreciated 1.8% between June and July, up from the 1.1% increase between May and June, according to my analysis of Case-Shiller data.
Historically, 1.8% appreciation in one month is huge for Phoenix. I have Case-Shiller data back to 1989 and the only months with more appreciation in Phoenix were September 2004 through October 2005.
Great News for Arizona Home Buyers
Phoenix home prices are still low, the index is the same as in February 2001. (Although last month the index was the same as in June 2000.)
I was thinking Phoenix home prices could drift lower this autumn but now looking at the strength of the upward momentum in July, a flat autumn is a possibility in my mind.