Look at that appreciation!!

 September 28 - The latest S&P / Case-Shiller® Home Price Index® numbers were published today. They cover home sales during the period May 2020 to July 2021. As such they reflect the extremely high rates of appreciation that we experienced during the second quarter of 2021. However July 2021 onward has seen a marked slowdown in pricing movement which is not yet reflected in the Case-Shiller HPI.

Comparing with the previous month's series we see the following changes:

1. Phoenix +3.32%
2. Tampa +2.94%
3. Las Vegas +2.77%
4. Dallas +2.35%
5. Atlanta +2.21%
6. Miami +2.17%
7. Charlotte +2.17%
8. Denver +1.78%
9. San Diego +1.62%
10. Portland +1.53%
11. Los Angeles +1.43%
12. Chicago +1.24%
13. Minneapolis +1.24%
14. Detroit +1.17%
15. San Francisco +1.16%
16. Boston +1.15%
17. Cleveland +1.12%
18. New York +1.08%
19. Seattle +0.89%
20. Washington +0.81%

The National index gained 1.62%, quite a bit lower than last month. Phoenix once again rose by more than twice the national percentage and retained its position at the top of this table.

The year over year comparisons look like this:

1. Phoenix +32.4%
2. San Diego +27.8%
3. Seattle +25.5%
4. Tampa +24.4%
5. Dallas +23.7%
6. Las Vegas +22.4%
7. Miami +22.2%
8. San Francisco +22.0%
9. Denver +21.3%
10. Charlotte +20.9%
11. Portland +19.5%
12. Los Angeles +19.1%
13. Boston +18.7%
14. Atlanta +18.5%
15. New York +17.8%
16. Cleveland +16.2%
17. Detroit +16.1%
18. Washington +15.8%
19. Minneapolis +14.5%
20. Chicago +13.3%

The National Index gained 19.7%, half way up this table. Phoenix has remained at the top of the table for 26 consecutive months, a new all-time record.

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MikeB Commentary ~

Talking point: 26 consecutive months at the top of the appreciation table makes it easy enough to see why Phoenix, and by extension all of Arizona, is on the investor radar - translating to continued competition for first time home buyers and more broadly, a hot market across all price points.

Taking a snapshot of select cities Statewide we see the following:

Phoenix ~ Q3 Sales outperforming both 2020 and 2019, albeit some moderation in the pace of Sold Prices...

Note: Where we have data for Pending and Under Contract numbers in the Valley (best finger on the pulse), those numbers are tracking just under record breaking 2020:

Looking at the trend for Average Sold Price and Number of Sales in Southern and Northern Arizona:

Tucson ~ Similarly, Q3 sales this year in Tucson outpaced 2020 and 2019, with some moderation in Average Sold Price...

Sedona ~ Again, Q3 2021 has outperformed both 2020 and 2019 with some moderation in Average Sold Price...

Flagstaff ~ And again, we see the same thing - Q3 2021 has outperformed both 2020 and 2019 with some moderation in Average Sold Price...

FYI ~ The above Average Sold Price and Number of Sales were sourced from your Collateral Analytics Account / Trends (non-beta version).