It’s really nice because I save these newsletters as templates on my computer and for the past 7 months I haven’t had to change but one number in the title. That’s because Phoenix home prices continue to rise, now for 7 months in a row.
Usually for my monthly look at the Scottsdale and Phoenix real estate market numbers I turn to The Cromford Report – there’s really no better source of up-to-date information on the Phoenix housing market. But a fire destroyed all of The Cromford Report’s computer equipment last month and they’re still working to restore their databases. I wish them all the best.
So for this month I’ll look at the Case-Shiller numbers (which are good, too) to analyze what’s been going on in the Phoenix and Scottsdale real estate market.
The S&P/Case-Shiller Home Price Index released February 23, 2010 (and covering through December 2009) had more good news for the Phoenix real estate market: prices increased for the seventh month in a row.
Phoenix real estate market highlights
- Phoenix home prices were up 0.5% in December 2009 compared to November. That gain followed a 1.1% gain in November over October. It was the 7th straight month of month-to-month price increases in the Phoenix real estate market.
- Rising for the seventh month in a row, Phoenix home prices are beginning to eat away at the overall price decline since the real estate bubble burst. As of December, Phoenix home prices were down 9.2% over the previous year (that’s compared to 14.2% in November). Year-over-year price declines in the Phoenix real estate market have been shrinking since March 2009 – from 36% in March to 9.2% in December. In other words, the Phoenix housing market continues to improve!
Phoenix Real Estate Market Home Prices in 2009
- Phoenix Homes 2009 Prices
Source: S&P/Case-Shiller
- As you can see from the chart below, Phoenix home prices have clearly fallen from their June 2006 peak (down 50.5% since then), but home prices have been rising since June 2009. The dotted line is the trend line for Phoenix home prices since 1989 – it makes clear the fact that prices are rising over time, despite the real estate crash here. In other words, homeownership is still a good investment.
- Phoenix Real Estate Market Price Index
Source: S&P/Case-Shiller
Subscribe: 
