According to the real estate site Redfin, the median sale price of a home in Phoenix is down almost 5% from a year ago.
According to the Case Shiller index, there are three pivotal points in the year-over-year changes; 2004, the price runup that began the great recession, 2011 during the recovery phase, and 2020. Phoenix is a more volatile market that frequently has higher highs and lower lows compared to the national index.
There are several differences between now and the housing market crash of the mid-2000s. Lending standards are better and there is less housing inventory overall. Data from realtor.com shows that active listings in the 10 largest U.S. metros is lower than it was in 2019.
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