Arizona housing prices down as national figures improve - East Valley Tribune: Arizona

Arizona housing prices down as national figures improve

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Area Chg Last quarter* 1 yr**
United States+ 0.90% -1.60%
Arizona+ -1.70% -8.20%
Flagstaff++ -2.10% -13.20%
Lake Havasu/
Kingman++ -3.40% -15.10%
Phoenix metro++ -3.70% -13.30%
Prescott++ -2.40% -13.60%
Tucson++ -1.60% -9.70%
Yuma++ NA -11.20%

* Difference between 1st qtr and 2nd qtr 2010
** Difference between 2nd qtr 2010 and 2nd qtr 2009
+ Purchase price comparisons only
++ Purchase price and refinancing comparisons
(negative numbers in parentheses)

Posted: Wednesday, August 25, 2010 1:30 pm | Updated: 4:46 pm, Thu Aug 26, 2010.

Housing prices nationwide are finally starting to go up.

But not in Arizona.

New figures Wednesday from the Federal Housing Finance Agency show the average price of a home that sold in Arizona in the second quarter of the year was off by about 1.7 percent from the first quarter.

That brings the year-over-year price drop to more than 8.2 percent. Only Idaho, where prices dropped by 11 percent, fared worse on an annual basis.

By contrast, the situation appears to be improving in much of the rest of the country.

Nationally, home prices went up 0.9 percent between the first and second quarter. But that still leaves the annual change in negative territory — slightly — at 1.6 percent.

The figures in the report are considered a good indicator of housing prices because it is based on a repeat-sales index. It measures the prices on about 6 million homes whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac and where there are records of the prior sale going back to 1975.

FHFA also computes an even broader index on a local level, factoring in repeat refinancings of the same property to show overall changes in home values.

That combined index shows things were particularly bad in the Phoenix metro area, which includes Maricopa and Pinal counties, with a 3.7 percent drop in values in the last quarter. That brings the annual change to a negative 13.3 percent.

The situation was somewhat better in Pima County, where that index posted a 1.6 percent drop between the first and second quarter and a 9.7 percent decrease from the same time a year earlier.

Other communities measured by the federal agency did not fare so well.

Coconino County posted a nearly 2.1 percent drop in values in the second quarter and 13.2 percent annually. That was exceeded in Yavapai County with a 2.4 percent quarterly decrease and 13.6 percent on an annual basis.

And Mohave County was even worse, with values losing 3.4 percent quarterly and 15.1 percent for the year.

In Yuma County, where the index is measured only on an annual basis, the decline was 11.2 percent.

After Idaho and Arizona, the sharpest annual price decreases were in Delaware, Nevada and Florida.

At the other extreme, California led the nation with a 2.9 percent year-over-year change in prices, followed by Iowa, Texas, Alaska and North Dakota.


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