Phoenix Home Prices Lag Behind National Average in Latest Case-Shiller Report

The latest S&P / Case-Shiller® Home Price Index® was just released, offering insight into home sales data from June to August 2025. It’s important to note that this information lags the current market significantly; the average closing occurred in mid-July, more than three months ago. Still, the report provides a helpful snapshot of price trends across major U.S. cities. Only one metro in Chicago showed a month-over-month price increase, while the remaining 19 markets declined. The strongest price performance came from cities in the North and Northeast, while the South and West broadly continued to show price weakness.

Month-over-month changes show Phoenix falling by 0.90%, three times weaker than the national average of -0.30%. This keeps Phoenix in 18th place out of 20 tracked metros. Meanwhile, Los Angeles declined by 1.02% and Portland by 1.05%, the worst in the country. On the flip side, Chicago rose modestly by 0.27%, the only city in the green.

Year-over-year comparisons show a similar trend. Phoenix is down 1.68% versus a national average of +1.58%, falling from 16th to 19th place. Cities like New York (+6.10%) and Chicago (+5.90%) are leading in appreciation, while markets like Tampa (-3.31%) and Miami (-1.66%) are struggling. Of the 20 cities tracked, 9 saw annual declines, and only 5 cities had price growth that exceeded the current inflation rate of 3%.

This data underscores a cooling trend in the Western and Southern U.S. housing markets, including Phoenix, while the Northeast and Midwest are seeing more price resilience. As always, national headlines don’t tell the whole story. Real estate is hyper-local, and trends vary widely by zip code, neighborhood, and price point.

"Things do not happen. Things are made to happen."
-John F. Kennedy

Have a great week, everyone!