Click to enlarge, but in the thumbnail size it's easier to see the general trendline, which is UP. While we're in the middle of the current painful market correction, it's easy to lose sight of the fact that home prices have increased over time.
Another interesting thing the chart shows is that there's a lot more fluctuation in sales prices in the period 2005 to 2008 than there was in 2001 to 2003. There's more 'swing' in the highs and lows. I think this reflects the general confusion in the marketplace today. Sellers and their Realtors spend a great deal of time and energy choosing the "right" list price. Buyers and their Realtors aren't sure how much to offer, often because there are so few comps to check. There's just a ton of uncertainty in the marketplace today about what a home is really worth.
There's a lot of noise in the media marketplace today about home values. Too many media outlets are shouting "The sky is falling!" To which I say, "Um, not so much here in North Phoenix." Our prices are wobbling around a little bit, but the sky is definitely not falling at the Pointe Tapatio.
The sky here is as beautiful as it's always been, filled with resort like lush palms and stunning mountain views.