Phoenix metro area experiences nation's biggest drop in home prices

02-25-2011 • eastvalleytribune.com

And in the last year, prices in Arizona have dropped nearly 13.4 percent, again second only to Idaho. The year-over-year decline nationwide averaged less than 4 percent. Looking at the figures from a different perspective, they also show that an Arizona home which sold for $200,000 five years ago is now likely to bring less than $115,000 now. The situation is particularly bleak for homeowners in the Phoenix metro area, which the agency considers Maricopa and Pinal counties. There, prices declined in the last year by more than 15 percent, the biggest drop of any metro area in the nation. And homes are worth only about half of what they were five years ago. That broader index, for example, shows a statewide year-over-year change of 8.5 percent, with an 8.9 percent drop for the Phoenix area. For Tucson, the annual decline was 6.1 percent. Elsewhere, the drop was nearly 7.2 percent in Coconino County, 9.1 percent in Mohave County, 9.8 percent in Yavapai County, and 8.8 percent in Yuma County. Just The Facts Area Chg Last quarter* 1 yr** United States+ -0.80% -3.90% Arizona+ -4.50% -13.40% Arizona++ -2.80% -8.50% Coconino++ -1.20% -7.20% Maricopa & Pinal++ -3.60% -8.90% Mohave++ -0.60% -9.10% Pima++ -2.10% -6.10% Yavapai++ -1.30% -10.10% Yuma++ -3.70% -8.80% * Difference between 3rd qtr and 4th qtr 2010 ** Difference between 4th qtr 2010 and 4th qtr 2009 + Purchase price comparisons only ++ Purchase price and refinancing comparisons (Negative numbers in parentheses)