Phoenix Replaces Seattle in Top 3 Cities in Annual Gains According to S&P Corelogic Case-Shiller Inedx

The S&P/Case-Shiller® Home Price Index® numbers were released today (12-26) for the latest national sales period (August through October) and the 20 focus cities fared as follows on a month to month basis showing Phoenix leading the country in the latest review quarter. Phoenix is also now in the top 3 cities for the past year’s price increase:

  • Phoenix +0.70%
  • New York +0.41%
  • Las Vegas +0.33%
  • Charlotte +0.30%
  • Tampa +0.27%
  • Atlanta +0.16%
  • Miami +0.14%
  • Boston +0.13%
  • Los Angeles +0.11%
  • Washington +0.02%
  • Dallas +0.01%
  • Detroit -0.02%
  • San Diego -0.12%
  • Minneapolis -0.13%
  • Denver -0.28%
  • Chicago -0.35%
  • Cleveland -0.52%
  • Portland -0.55%
  • San Francisco -0.71%
  • Seattle -1.05%

Almost half (9) of the focus cities showed negative appreciation. The bottom 3 cities, all west coast, includes Seattle, Portland, and San Francisco. San Diego also showed a .12% decline. Phoenix was seven times the national average and is over-performing again.

The steadiness of our Phoenix market appreciation is in stark contrast to coastal cities which has seen huge price increases, but is now in correction territory.

Rental Prices ending the Year Still on the Increase
Comparing Values Since 2014

For almost 10 years (2005-2014) our local Phoenix Metro rental Market was showing a flat line for appreciation in price per square foot (psf) rental rates, as in 0%! This was great news if you were a renter. Beginning at that time until the present however, rental rates have increased 31%, or about 6% per year. Not such good news for renters. (See Chart –

If, however, you became a homeowner in 2014 after you had been a renter, you would have realized the best of both worlds, as you may have bought at the average psf at that time of $131, which today is now at $166 psf, or about 6% per year!