Short answer. Phoenix-Mesa-Chandler home prices are up about 251% since 2000 on the FHFA house price index (2000 = 100, 2025 = 351), after a 2006 peak of 208, a 2011 trough of 103, and a 126% rise over the last ten years.
Phoenix is the clearest boom-bust-boom chart in the country. The FHFA all-transactions house price index for the Phoenix-Mesa-Chandler, AZ metro area (2000 = 100) roughly doubled to a 2006 peak of 207.64, then fell by half to 103.44 in 2011, one of the deepest metro declines of the foreclosure crisis. From that trough it rose every year, reaching 351.04 in 2025.
Phoenix metro house price index, year by year
- 1990: 65.24
- 1991: 65.92
- 1992: 67.39
- 1993: 68.36
- 1994: 71.15
- 1995: 76.05
- 1996: 79.78
- 1997: 83.83
- 1998: 88.12
- 1999: 92.59
- 2000: 100.00
- 2001: 106.24
- 2002: 111.21
- 2003: 115.14
- 2004: 127.78
- 2005: 173.52
- 2006: 207.64
- 2007: 203.98
- 2008: 173.81
- 2009: 133.97
- 2010: 116.10
- 2011: 103.44
- 2012: 112.52
- 2013: 130.83
- 2014: 146.79
- 2015: 155.60
- 2016: 168.27
- 2017: 181.32
- 2018: 195.99
- 2019: 209.70
- 2020: 224.76
- 2021: 269.81
- 2022: 331.31
- 2023: 334.72
- 2024: 348.63
- 2025: 351.04
Three numbers to remember
- 2006 to 2011: 50% decline
- 2011 to 2025: +239%
- 2015 to 2025: +126%
Since 1990 the index is up 438%. The series for this metro begins in 1975.
Source: FHFA House Price Index, all-transactions, Phoenix-Mesa-Chandler MSA, annual. The same index is available monthly from FRED (series ATNHPIUS38060Q, quarterly); this page uses the annual values.
Sources
U.S. Census Bureau Survey of Construction; National Association of Realtors Existing Home Sales report; Freddie Mac Primary Mortgage Market Survey; National Bureau of Economic Research Business Cycle Dating Committee.