PHOENIX — For the first time since the Great Recession, metro Phoenix has dipped into negative home price growth territory, according to the latest S&P Corelogic Case-Shiller Indices released April 25.
Metro Phoenix saw a 2.1% slide in year-over-year home price growth, joining seven other metros across the country in negative territory, including Denver, Las Vegas, Los Angeles, Portland, San Diego, San Francisco and Seattle.
Phoenix was negative year-over-year every month from February 2007 to February 2010, according to Case-Shiller data, due to lingering effects of the Great Recession. For the 12 months ended March 2009, Phoenix prices were down a whopping 36%. Growth also was negative every month from January 1990 to October 1991.
This is a far cry from Phoenix home price growth topping the nation for three years in a rowuntil last spring. Even when Phoenix dropped to second place nationwide in March 2022, it was still showing a 32.4% gain in home price growth.
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