Phoenix home prices, August 2026
The monthly home-price refresh, from the two measures that disagree usefully. Case-Shiller put the Phoenix index at 324.9 in August 2026, up 0.4% on the year. Zillow’s index valued the typical metro home at $441,097 in September 2026, down 1.1% on the year. They measure different things — Case-Shiller tracks repeat sales of the same homes and reports a three-month average two months late; Zillow values the entire housing stock monthly — so treat Case-Shiller as the shape and Zillow as the level.
The second chart shows the tier split, and it is the reason this post carries Case-Shiller at all: S&P divides the metro’s repeat sales into thirds by price.
Source: S&P CoreLogic Case-Shiller Phoenix Home Price Indices, not seasonally adjusted, via FRED (PHXRNSA and the tier series). Auto-generated each build.