Phoenix Real Estate Market

Home Price Index-Rising Real Estate Prices

Home Prices On The Rise.Phoenix Real Estate Market

The Case-Shiller Home Price Index (HPI) was published today. Although this report is very promising, it does not reflect activity thru May but from the 1st quarter of this year, January thru March. The median date of sales for this Index is about February 14th, and according to Michael Orr of the Cromford Report, this is about 3.5 months from today. To imagine the HPI for today’s market we would have to allow an additional 105 days of home price changes.

Phoenix still leads the 20 cities reported…up 22.5%. Phoenix’s increase over the last month of about 1.7% looks pretty modest compare to other cities that are racing to the top at an incredibly fast pace. Here are the 20 cities ranked by percentage between Februaru and March of 2013.

1. San Francisco 3.9%
2. Seattle 3.0%
3. Las Vegas 2.7%
4. Portland 2.7%
5. Tampa 2.6%
6. Charlotte 2.4%
7. Los Angeles 2.3%
8. San Diego 2.2%
9. Phoenix 1.7%
10. Washington 1.7%
11. Denver 1.4%
12. Atlanta 1.3%
13. Dallas 1.3%
14. Miami 1.2%
15. Boston 1.2%
16. Detroit 0.0%
17. Cleveland 0.0%
18. Chicago 0.0%
19. New York -0.4%
20. Minneapolis -1.1%

The overall gain is about 1.4% which reflects the strong seasonal gain exhibited by some of these areas, but cities such as Minneapolis and New York are showing a decline as their market is different than other cities since they have “different” weather patterns which affects their seasonal growth for this time of year.

Looking at the 20 cities over the past 12 months we can see the following changes.

1. Phoenix 22.5%
2. San Francisco 22.2%
3. Las Vegas 20.6%
4. Atlanta 19.1%
5. Detroit 18.5%
6. Los Angeles 16.6%
7. Portland 12.8%
8. Minneapolis 12.5%
9. San Diego 12.1%
10. Tampa 11.8%
11. Miami 10.7%
12. Seattle 10.6%
13. Denver 9.8%
14. Chicago 7.8%
15. Washington 7.7%
16. Charlotte 7.3%
17. Dallas 6.8%
18. Boston 6.7%
19. Cleveland 4.8%
20. New York 2.6%

Contact me for up to the minute market updates and a more detailed report of what is going on in yor neighborhood. We will be happy to customize a report for you and your community.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.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