2009 Arizona's Housing Market ...a glance. - Arizona Department of ...

2009 General Trends in
Arizona’s Housing Market ...a glance.
Arizona Home Prices vs. Median Income
Home prices have been increasing faster than income. According to the data from Federal Housing Finance
Board, home prices in Arizona have been steadily on the rise, except for 2007, 2008 and 2009.
• From year 2000 to 2008, the median sales price of homes in Arizona increased by 70.7 percent. During
the same period, median family income increased by only 22.4 percent.
• From 2007 to 2008, the median sales price of homes in Arizona decreased by 2.4 percent. During the
same period, median family income increased by 7.5 percent.
• Home prices have also been declining in 2009.
2
For census data by Arizona counties on median home values and median household income for the years
1990, 2000 and 2007 see Table 5 in the Appendices.
Arizona Home Prices and Income*
$ 300,000
$ 250,000
$ 200,000
$ 150,000
$ 100,000
$ 50,000
$ 0
$260,000
$240,000
$169,000
$140,600 $143,900 $156,500
$146,000
$47,800 $49,700 $51,900 $52,700 $53,300 $53,300 $54,900
$246,000 $240,000
$58,500
$54,400
2000 2001 2002 2003 2004 2005 2006 2007 2008
Median Home Price
Median Family Income
*The Federal Housing Finance Board has revised the Median Home Prices for 2005 and 2006 from those reported in the
2006 Arizona’s Housing Market at a Glance.
Source: Arizona Department of Housing, Federal Housing Finance Board, U.S. Department of Housing and Urban Development.