How does the Phoenix Real Estate Market today compare to a decade ago?

We looked at the CoreLogic index for the states a few days ago and the Case-Shiller numbers released today have the same story – the hottest parts of the country for housing are the Pacific Northwest and Colorado. Dallas and Florida are also strong and California above average.

Phoenix is pretty much average with its 5.4%, given that the national HPI increase is 5.1% and the 20 city HPI increased 5.2%. The Northeast and Mid-West are under-performing.

Taking a longer term view, here is how the index has changed since May 2016, 10 years ago:

  1. Denver 32.9%
  2. Dallas 32.8%
  3. Portland 15.2%
  4. Seattle 14.3%
  5. Charlotte 12.3%
  6. Boston 6.0%
  7. San Francisco 4.2%
  8. Atlanta -1.3%
  9. San Diego -9.7%
  10. Los Angeles -8.9%
  11. Cleveland -9.2%
  12. Minneapolis -10.9%
  13. Detroit -13.9%
  14. Washington DC -14.0%
  15. New York -16.1%
  16. Chicago -18.8%
  17. Tampa -23.3%
  18. Miami -23.5%
  19. Phoenix -29.5%
  20. Las Vegas -36.2%

The USA as a whole is down just 2.0% from May 2006. However the areas with the biggest speculative bubbles, Las Vegas, Phoenix and Miami, are the furthest away from their 2006 pricing levels. The biggest success stories over the last 10 years are Denver, Dallas, Portland, Seattle and Charlotte, This has a lot to do with the kind of jobs that have been created in these cities.

*Source* Cromford Report

Share this Post

Leave a Reply

Your email address will not be published. Required fields are marked *