Metro area index
Home appreciation in the Phoenix-Mesa-Chandler, AZ metro area
FHFA HPI® data shows the Phoenix-Mesa-Chandler, AZ metro area's all-transactions index changed +0.8% over the year to Q2 2026, versus +0.9% for Arizona and +3.0% for the U.S. That ranks 326th of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +0.8%
- 5-year change
- +35.8%
- Since Q1 1995
- +417%
- Metro rank (1 year)
- 326th
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Phoenix-Mesa-Chandler, AZ vs Arizona and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Phoenix-Mesa-Chandler, AZ: 517.1
- Arizona: 471.5
- United States: 391.6
Appreciation by time window
| Window | Metro | AZ | U.S. | Gap vs AZ | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +0.8% | +0.9% | +3.0% | −0.1 pts | −2.2 pts |
| 3 years | +8.0% | +8.2% | +12.9% | −0.2 pts | −4.9 pts |
| 5 years | +35.8% | +36.3% | +41.3% | −0.4 pts | −5.4 pts |
| 10 years | +120% | +116% | +93.3% | +3.4 pts | +26.2 pts |
| Since Q1 1995 | +417% | +372% | +292% | +45.6 pts | +125.6 pts |
3-digit ZIP regions in the Phoenix-Mesa-Chandler, AZ area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 850 · Phoenix, AZ area | AZ | +0.5% | +35.6% | +469% | 100% |
| 852 · Mesa, AZ area | AZ | +0.8% | +36.1% | +418% | 100% |
| 851 · Casa Grande, AZ area | AZ | +0.6% | +37.3% | +369% | 100% |
| 853 · Glendale, AZ area | AZ | +1.7% | +35.8% | +331% | 82% |
Boom, bust, and recovery in Phoenix-Mesa-Chandler, AZ area
Phoenix-Mesa-Chandler, AZ area's index peaked in Q4 2006, fell 51.1% to its low in Q2 2011, and regained its peak in Q2 2019, about 12.5 years after the top. Today it sits +76.8% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q4 2006 | Q2 2011 | -51.1% | Q2 2019 (12.5 yrs) | +76.8% |
| AZ | Q4 2006 | Q2 2011 | -46.0% | Q3 2019 (12.8 yrs) | +72.5% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Phoenix-Mesa-Chandler, AZ area's index has changed +134% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | AZ after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -2.9% | -2.8% | -0.8% |
| 3 years | +9.8% | -1.7% | -1.4% | +2.8% |
| 5 years | +24.0% | +9.5% | +9.9% | +13.9% |
| 10 years | +39.1% | +57.9% | +55.4% | +39.0% |
| Since Q1 1995 | +121% | +134% | +113% | +76.8% |
If you bought in the Phoenix-Mesa-Chandler, AZ area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +408% | $1,524,379 |
| Q2 2000 | +282% | $1,146,269 |
| Q2 2005 | +125% | $675,356 |
| Q2 2010 | +215% | $944,741 |
| Q2 2015 | +137% | $710,102 |
| Q2 2020 | +63.5% | $490,642 |
| Q2 2021 | +35.8% | $407,523 |
| Q2 2023 | +8.0% | $323,929 |
| Q2 2025 | +0.8% | $302,545 |
Frequently asked questions
- How much have home prices risen in the Phoenix-Mesa-Chandler, AZ area?
- FHFA HPI® data for the Phoenix-Mesa-Chandler, AZ metro area shows changes of +0.8% over one year, +35.8% over five years, and +120% over ten years to Q2 2026, and +417% since Q1 1995.
- Is the Phoenix-Mesa-Chandler, AZ area beating the national average?
- Over the past year the metro's index moved −2.2 pts versus the U.S.; over five years the gap is −5.4 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.