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The Case-Shiller Home Price Index measures home price appreciation.
Phoenix Home Price Appreciation – August 2011 to June 2013
The Case-Shiller Home Price Index for Phoenix was up 37% between August 2011 and June 2013 but the overall number doesn’t tell you much because the low price tier appreciated more than 2 and a half times more than the high price tier.
• Low Price Tier = Up 73%
• Middle Price Tier = Up 45%
• High Price Tier = Up 28%
See the price breakpoints for the 3 tiers below the chart.
Phoenix AZ Case-Shiller Home Price Index
Lower Priced Homes Gaining on Higher Priced Homes
The difference between the Low Tier and the High Tier has been cut in half since August 2011.
Phoenix Home Price Tier Breakpoints for June 2013
• Low Tier – Up to $161,027
• Middle Tier – $161,027 – $262,038
• High Tier – $262,038 and up
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, the most current data is only through May 2013.
Home prices are way up. Your home is probably worth a lot more than you think. Call me, John Wake of HomeSmart, at 480-600-0947
Inflation Adjusted Case-Shiller Home Price Index for Phoenix, Arizona
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.
• Low Price Tier = 90% of January 2000 index
• Middle Price Tier = 96% of January 2000 index
• High Price Tier = 104% of January 2000 index