Press Releases

Phoenix Home Appreciation Slows Markedly, But Still Above National Levels, Says Zillow.com Quarterly Home Values Report

Appreciation Remains High Versus Rest of U.S.; Condos Ahead of Five-Year Average

Aug 14, 2006

Phoenix – August 14, 2006— Single-family homes in the Phoenix metropolitan area appreciated at an annualized rate of 10.7% during the second quarter of 2006 – a marked slowdown from the meteoric 27.1% pace of the past year, according to Zillow.com’s inaugural quarterly home values report. The quarterly rate of appreciation for single-family homes was still considerably higher in the Phoenix area than the 6.0% annualized rate seen for the overall U.S. market. Over the past five years, single-family homes in the Phoenix area have had an average annualized appreciation rate of 15.9%, outstripping the national average of 13.1%. The annualized rate of condo appreciation continued at a healthy rate but also showed a softening; the annualized appreciation for condos from April through June was 16.4%, just over half the growth rate for the past year, but ahead of the five year annualized rate of 15.8%. These numbers were measured by Zillow.com’s Zindex™ home value indicator. The Zindex is a measure of the median value of all homes in the area (not just those that sold.) The Zindex for all single-family homes in the Phoenix metro area was $284,003 at the end of June, while the condo Zindex stood at $186,024. “Many areas of the Phoenix region continue to have phenomenal price appreciation compared to many other U.S. markets,


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