Fact Check: Phoenix home prices skyrocketed 134% over the past decade.

Fact Check: "Phoenix home prices skyrocketed 134% over the past decade."

What We Know

The claim that Phoenix home prices have skyrocketed by 134% over the past decade is a significant assertion that requires careful examination. According to the S&P/Case-Shiller Home Price Index, Phoenix experienced a notable increase in home prices, but recent data indicates that the market has begun to stabilize. For instance, between December 2024 and February 2025, home prices in Phoenix saw only a modest increase of 0.08%, which is considerably lower than the national average of 0.41% during the same period.

Furthermore, the report highlights that home prices in the region grew by just 2.3% over the past year, compared to a national average increase of 4.9% (source-2). This suggests that while there may have been significant price increases in the past, the current trajectory of the market does not support the claim of a continuous 134% increase over the last decade.

Analysis

Evaluating the claim involves analyzing both the historical context and the current market conditions. The assertion of a 134% increase implies a consistent and steep rise in home prices over ten years. However, the recent data from the Arizona Regional Multiple Listing Service indicates that while the median home price in the Phoenix area did rise to approximately $450,995 in May 2025, this increase is part of a broader trend of market stabilization rather than an unbroken upward trajectory.

Moreover, the source of the claim lacks specific reference to the time frame and methodology used to calculate the 134% figure. Without a clear basis for this statistic, it becomes challenging to validate its accuracy. The True Parity report also notes that after years of rapid price increases, the market is showing signs of calming down, further questioning the sustainability of such high growth rates.

The credibility of the sources is also a factor. The S&P/Case-Shiller index is a well-regarded measure of home price trends, while the other sources provide anecdotal and market analysis that may not be as rigorously verified. Therefore, while the claim may have some basis in historical data, the current market conditions suggest a more nuanced picture.

Conclusion

Needs Research. The claim that Phoenix home prices have skyrocketed by 134% over the past decade lacks sufficient context and supporting evidence. Current data indicates a cooling market with modest price increases, which contradicts the notion of sustained exponential growth. Further research is necessary to ascertain the accuracy of the claim and to understand the factors influencing the Phoenix housing market over the past decade.