Phoenix home prices are up 60% since the bottom of the market in 2011, according to the most recent report of the S&P/Case-Shiller® Home Price Index.
The S&P/Case Shiller® Index uses repeat-sales for it’s calculations and covers the several different indices, including an index for the 20 individual metro areas listed below. The indices are calculated and reported monthly with a 2-month lag. The data calculated is based on a 3-month rolling average.
The most recent report, which was released on August 30, covered the period from April through June of this year.
The Cromford Report, which studies the Arizona real estate market, reported on the results the same day, highlighting that Phoenix has had the second highest increase in the price index since 2011 of the 20 cities that are covered by the S&P/Case Shiller® Home Price Index. The only city that posted a higher increase was San Francisco at 69%.
Change in S&P/Case Shiller Home Price Index for 20 US Cities since August 2011 (via Cromford Report)
Locally speaking, for the period from April through June of this year, housing prices in Phoenix were rising at an annual rate of 5.1%, which the Cromford Report described as “completely unexceptional.” As always, different areas and price ranges of the Phoenix market are performing differently, but the overall market is seeing a modest appreciation level.
The S&P/Case-Shiller® Home Price Index for Phoenix reached it’s peak in August 2006 with an index of approximately 227.38. The lowest point was obtained in September 2011 at 100.22. June’s index of 160.69 is still about 28% below the peak.
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