HPI (2025)FHFA
351
Metro Series · West · Rank #10
Home Price History in Phoenix
FHFA all-transactions House Price Index for the Phoenix-Mesa-Chandler, AZ metropolitan statistical area — annual data, 1975 through 2025, rebased to 100 in the year 2000.
YoY changeFHFA
+0.7%
5-yr changeFHFA
+56%
Since 2000FHFA
+251%
Phoenix is the prototypical Sunbelt boom-bust market. The 2002–2006 boom drove prices to roughly 3.2× the 2000 base; the 2007–2011 crash cut the index by more than half. The recovery then accelerated faster than the U.S. average; by 2022, Phoenix had broken its 2006 nominal peak by ~30%. The 2022–2023 rate-driven correction was sharp (-9% peak-to-trough) but localized — by 2024 prices were rising again at a pace just above the national rate.
The 2007–2011 housing crisis cut the Phoenix HPI by 50.2% peak-to-trough — from 207.6 in 2006 to 103.4 in 2011. For context, the U.S. national HPI fell roughly 24% over the same period, so Phoenix was meaningfully more affected than the national average.
The pandemic-era surge brought the Phoenix HPI from 209.7 in 2019 to 351.0 in 2025 — a cumulative +67.4% move in 6 years. Compared to the U.S. national HPI's roughly 50% gain over the same period, Phoenix appreciated noticeably faster the national rate.
Located in the West region of the United States, Phoenix is one of the 100 largest U.S. metropolitan statistical areas by population. Long-run housing appreciation in Phoenix reflects a combination of regional employment trends, in-migration patterns, and local supply constraints. The full year-by-year FHFA HPI for Phoenix is in the data table below.
To compare Phoenix to the national U.S. housing market, see the national median price history dashboard. Other metros in the West region: see the full metro index. For state-level data, see the state index.
Annual data — Phoenix
FHFA House Price Index, 2000=100. Annual data; not seasonally adjusted. Source: U.S. Federal Housing Finance Agency.
| Year | HPI (2000=100) | YoY change |
|---|---|---|
| 2025 | 351.04 | +0.69% |
| 2024 | 348.63 | +4.16% |
| 2023 | 334.72 | +1.03% |
| 2022 | 331.31 | +22.79% |
| 2021 | 269.81 | +20.04% |
| 2020 | 224.76 | +7.18% |
| 2019 | 209.70 | +7.00% |
| 2018 | 195.99 | +8.09% |
| 2017 | 181.32 | +7.76% |
| 2016 | 168.27 | +8.14% |
| 2015 | 155.60 | +6.00% |
| 2014 | 146.79 | +12.20% |
| 2013 | 130.83 | +16.27% |
| 2012 | 112.52 | +8.78% |
| 2011 | 103.44 | -10.90% |
| 2010 | 116.10 | -13.34% |
| 2009 | 133.97 | -22.92% |
| 2008 | 173.81 | -14.79% |
| 2007 | 203.98 | -1.76% |
| 2006 | 207.64 | +19.66% |
| 2005 | 173.52 | +35.80% |
| 2004 | 127.78 | +10.98% |
| 2003 | 115.14 | +3.53% |
| 2002 | 111.21 | +4.68% |
| 2001 | 106.24 | +6.24% |
| 2000 | 100.00 | +8.00% |
| 1999 | 92.59 | +5.07% |
| 1998 | 88.12 | +5.12% |
| 1997 | 83.83 | +5.08% |
| 1996 | 79.78 | +4.90% |
| 1995 | 76.05 | +6.89% |
| 1994 | 71.15 | +4.08% |
| 1993 | 68.36 | +1.44% |
| 1992 | 67.39 | +2.23% |
| 1991 | 65.92 | +1.04% |
| 1990 | 65.24 | -2.39% |
| 1989 | 66.84 | -1.62% |
| 1988 | 67.94 | -0.86% |
| 1987 | 68.53 | +1.56% |
| 1986 | 67.48 | +4.39% |
| 1985 | 64.64 | +4.36% |
| 1984 | 61.94 | +5.27% |
| 1983 | 58.84 | +10.54% |
| 1982 | 53.23 | -4.74% |
| 1981 | 55.88 | +9.06% |
| 1980 | 51.24 | +11.44% |
| 1979 | 45.98 | +21.45% |
| 1978 | 37.86 | +15.74% |
| 1977 | 32.71 | +8.67% |
| 1976 | 30.10 | +3.72% |
| 1975 | 29.02 | — |
Methodology
The FHFA House Price Index is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same single-family properties. The all-transactions index incorporates both purchase mortgages and refinance appraisals; the index is calibrated to the West census region and rebased to 100 in the year 2000. Coverage begins in 1975 for Phoenix.