What a Phoenix-area house is worth, September 2026
The typical Phoenix-metro home was worth $441,097 in September 2026, down 1.1% from a year earlier. Against the series high of $497,312 in July 2022, that leaves the market 11.3% below its high-water mark in the dollars on the price tag.
The second chart takes inflation out. The price index runs through September 2026, and in that month’s dollars the typical home was worth $441,097, down 4.6% in real terms on the year. The real peak was $565,568 in July 2022, and today sits 22% below it. A flat price in a year of inflation is a fall in what a house is worth measured in everything else a household buys.
ZHVI measures the value of the typical home rather than the price of the homes that happened to sell, so it does not lurch when an expensive neighbourhood has a busy month — which is what makes it readable month to month, and a better trend line than asking prices.
The real series is deflated by the national CPI-U (all items, not seasonally adjusted) and stated in dollars of the latest month the CPI covers, so it can end a month before the nominal line. National rather than Phoenix CPI because the Phoenix index is published only every other month. Shelter is about a third of CPI-U, so read the real line as a house measured in purchasing power, not as house prices net of housing inflation. Metro-wide; Zillow revises the back series when its model is updated, so older points can move slightly between builds.
Sources: Zillow Research, Zillow Home Value Index (ZHVI), all homes, Phoenix–Mesa–Chandler MSA; U.S. Bureau of Labor Statistics CPI-U, U.S. city average, all items, NSA, via FRED CPIAUCNS. Real values are computed at read time. Auto-generated each build.