Home Value Trail

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State

Arizona

14 counties with an index · 11 metro and micro areas · 262 ZIP codes · 77 permit-issuing places · 7,623,818 residents (2025 est.)

FHFA quarterly index through 2026 Q2Annual index 1975–2025Permits through August 2026
FHFA all-transactions house price index for Arizona, quarterly from 1975 to 2026 Q2, with the national index rebased to the same start and NBER recessions shadedRecession 1973–75Recession 1980Recession 1981–82Recession 1990–91Recession 2001Recession 2007–09Recession 2020020040060080019801990200020102020United States2026: 731
Arizona (100 = first year)United States, rebased to the same startNBER recession

FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.

Arizona's FHFA house price index starts in 1975. Through 2025 it has risen +1020.8%; over the ten years to 2025 the rise was +118.7% (+8.1% a year), well above the national +85.0%.

The quarterly index through 2026 Q2 is +0.9% on a year earlier and −0.2% on the quarter; nationally +3.0% and +1.1%.

The index peaked in 2006, fell −45.2% to 2011 and regained the peak in 2020; the national index fell −21.3% over 2007–2012.

47,257 housing units were authorised in Arizona in the 12 months to August 2026, 6.2 per 1,000 residents against 4.1 nationally; that is −7.4% on the previous 12 months. 14 counties, 11 metro and micro areas, 262 ZIP codes and 77 permit-issuing places in the state have their own pages.

+0.9%year to 2026 Q2, quarterly indexUS +3.0%
+0.9%1 year, 2024–2025US +2.8%
+54.9%5 yearsUS +47.0%
+118.7%10 years+8.1% a year annualised
+228.1%since 2000US +158.3%
47,257units permitted, 12 months6.2 per 1,000 residents · US 4.1

Same span, state and nation

Change in the FHFA indexArizonaUnited States
1 year (2024–2025)+0.9%+2.8%
5 years (2020–2025)+54.9%+47.0%
10 years (2015–2025)+118.7%+85.0%
20 years (2005–2025)+92.7%+79.1%
Since 2000+228.1%+158.3%
Since 1975+1020.8%+960.7%
10-year annualised+8.1%+6.3%
20-year annualised+3.3%+3.0%

Decade by decade

DecadeChangeUnited States
1980s (1980–1990)+28.4%+68.2%
1990s (1990–2000)+49.0%+33.9%
2000s (2000–2010)+23.4%+29.7%
2010s (2010–2020)+71.7%+35.5%
2020s so far (2020–2025)+54.9%+47.0%

FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1975 are not shown.

Peak-to-low declines

PeakLowDeclinePeak regained
20062011−45.2%2020
19811982−6.2%1983

Purchase-only index

FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.

FHFA purchase-only house price index for Arizona, quarterly, with the national purchase-only index rebased to the same startRecession 1990–91Recession 2001Recession 2007–09Recession 202002004006001995200020052010201520202025United States, purchase-only2026: 568
Arizona, purchase-only (100 = first year)United States, purchase-only, rebased to the same startNBER recession

Counties

Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.

County1 year10 yearsSince 2000Units, 12 monthsPer 1,000Index through
Pinal County+1.1%+137.6%+207.1%7,57814.02025
Navajo County+3.2%+136.6%+215.6%3983.62025
Maricopa County+0.7%+125.3%+252.7%29,3266.32025
Apache County+0.1%+122.5%+196.9%1161.82025
Yavapai County+2.6%+120.7%+236.9%1,2995.12025
Coconino County+2.3%+116.0%+258.0%3772.62025
Mohave County+1.0%+115.6%+232.4%9744.32025
Gila County−0.8%+112.4%+178.7%1222.32025
Pima County+1.1%+111.3%+187.8%4,8284.52025
Santa Cruz County−0.7%+99.8%+128.3%3687.42025
La Paz County+10.5%+99.5%+254.2%764.52025
Yuma County+1.6%+98.3%+174.1%1,1925.32025
Cochise County+3.1%+95.2%+155.5%3883.12025
Graham County+8.4%+93.9%+199.0%2005.02025

Metro and micropolitan areas

Areas with any county in Arizona; multi-state areas appear under each of their states.

AreaType1 year10 yearsYear to 2026 Q2Units, 12 months
Show Low, AZMicro+3.2%+136.6%—398
Phoenix-Mesa-Chandler, AZMetro+0.7%+125.6%+0.8%36,904
Prescott Valley-Prescott, AZMetro+2.6%+120.7%−0.7%1,299
Flagstaff, AZMetro+2.3%+116.0%+2.9%377
Lake Havasu City-Kingman, AZMetro+1.0%+115.6%0.0%974
Payson, AZMicro−0.8%+112.4%—122
Tucson, AZMetro+1.1%+111.3%+1.9%4,828
Nogales, AZMicro−0.7%+99.8%—368
Yuma, AZMetro+1.6%+98.3%0.0%1,192
Sierra Vista-Douglas, AZMetro+3.1%+95.2%−0.8%388
Safford, AZMicro+8.4%+93.9%—200

Building permits

Housing units authorised in Arizona by month, latest 60 months05,00010,000Sep 2021: 4,306 units (3,261 single-family, 1,045 in multi-unit buildings)Sep 2021Oct 2021: 4,986 units (3,282 single-family, 1,704 in multi-unit buildings)Nov 2021: 5,418 units (3,314 single-family, 2,104 in multi-unit buildings)Dec 2021: 5,858 units (3,405 single-family, 2,453 in multi-unit buildings)Jan 2022: 5,727 units (4,048 single-family, 1,679 in multi-unit buildings)Feb 2022: 5,522 units (4,208 single-family, 1,314 in multi-unit buildings)Mar 2022: 7,221 units (5,127 single-family, 2,094 in multi-unit buildings)Apr 2022: 5,268 units (3,897 single-family, 1,371 in multi-unit buildings)May 2022: 5,264 units (3,834 single-family, 1,430 in multi-unit buildings)Jun 2022: 5,537 units (3,198 single-family, 2,339 in multi-unit buildings)Jul 2022: 5,509 units (2,742 single-family, 2,767 in multi-unit buildings)Aug 2022: 4,603 units (2,827 single-family, 1,776 in multi-unit buildings)Sep 2022: 4,020 units (2,184 single-family, 1,836 in multi-unit buildings)Sep 2022Oct 2022: 3,871 units (1,861 single-family, 2,010 in multi-unit buildings)Nov 2022: 2,931 units (2,003 single-family, 928 in multi-unit buildings)Dec 2022: 5,252 units (1,475 single-family, 3,777 in multi-unit buildings)Jan 2023: 2,033 units (1,592 single-family, 441 in multi-unit buildings)Feb 2023: 4,600 units (1,995 single-family, 2,605 in multi-unit buildings)Mar 2023: 6,525 units (2,938 single-family, 3,587 in multi-unit buildings)Apr 2023: 4,268 units (2,582 single-family, 1,686 in multi-unit buildings)May 2023: 4,534 units (3,182 single-family, 1,352 in multi-unit buildings)Jun 2023: 3,840 units (3,035 single-family, 805 in multi-unit buildings)Jul 2023: 5,367 units (3,108 single-family, 2,259 in multi-unit buildings)Aug 2023: 4,967 units (3,615 single-family, 1,352 in multi-unit buildings)Sep 2023: 5,793 units (3,135 single-family, 2,658 in multi-unit buildings)Sep 2023Oct 2023: 5,110 units (3,275 single-family, 1,835 in multi-unit buildings)Nov 2023: 5,590 units (3,048 single-family, 2,542 in multi-unit buildings)Dec 2023: 4,737 units (2,841 single-family, 1,896 in multi-unit buildings)Jan 2024: 5,576 units (3,602 single-family, 1,974 in multi-unit buildings)Feb 2024: 4,977 units (3,726 single-family, 1,251 in multi-unit buildings)Mar 2024: 5,363 units (3,864 single-family, 1,499 in multi-unit buildings)Apr 2024: 5,357 units (3,739 single-family, 1,618 in multi-unit buildings)May 2024: 4,490 units (3,861 single-family, 629 in multi-unit buildings)Jun 2024: 5,351 units (3,367 single-family, 1,984 in multi-unit buildings)Jul 2024: 5,003 units (3,531 single-family, 1,472 in multi-unit buildings)Aug 2024: 4,919 units (3,302 single-family, 1,617 in multi-unit buildings)Sep 2024: 4,413 units (3,547 single-family, 866 in multi-unit buildings)Sep 2024Oct 2024: 4,919 units (3,667 single-family, 1,252 in multi-unit buildings)Nov 2024: 4,641 units (2,883 single-family, 1,758 in multi-unit buildings)Dec 2024: 3,275 units (2,423 single-family, 852 in multi-unit buildings)Jan 2025: 3,672 units (3,380 single-family, 292 in multi-unit buildings)Feb 2025: 3,747 units (3,166 single-family, 581 in multi-unit buildings)Mar 2025: 5,024 units (3,309 single-family, 1,715 in multi-unit buildings)Apr 2025: 5,235 units (3,209 single-family, 2,026 in multi-unit buildings)May 2025: 4,515 units (3,236 single-family, 1,279 in multi-unit buildings)Jun 2025: 4,553 units (2,984 single-family, 1,569 in multi-unit buildings)Jul 2025: 4,520 units (2,493 single-family, 2,027 in multi-unit buildings)Aug 2025: 2,523 units (2,158 single-family, 365 in multi-unit buildings)Sep 2025: 3,384 units (2,540 single-family, 844 in multi-unit buildings)Sep 2025Oct 2025: 4,221 units (2,663 single-family, 1,558 in multi-unit buildings)Nov 2025: 3,761 units (2,275 single-family, 1,486 in multi-unit buildings)Dec 2025: 6,157 units (2,639 single-family, 3,518 in multi-unit buildings)Jan 2026: 2,859 units (2,240 single-family, 619 in multi-unit buildings)Feb 2026: 3,859 units (2,964 single-family, 895 in multi-unit buildings)Mar 2026: 4,133 units (3,017 single-family, 1,116 in multi-unit buildings)Apr 2026: 3,424 units (2,764 single-family, 660 in multi-unit buildings)May 2026: 2,961 units (2,537 single-family, 424 in multi-unit buildings)Jun 2026: 4,840 units (2,922 single-family, 1,918 in multi-unit buildings)Jul 2026: 3,392 units (2,429 single-family, 963 in multi-unit buildings)Aug 2026: 4,266 units (2,097 single-family, 2,169 in multi-unit buildings)

Housing units authorised in Arizona by month, latest 60 monthssingle-family2+ unit buildings

Housing units authorised in Arizona by year, 1995–2025050,000100,0001995: 52,714 units (39,879 single-family, 12,835 in multi-unit buildings)19951996: 53,715 units (41,311 single-family, 12,404 in multi-unit buildings)1997: 57,762 units (44,373 single-family, 13,389 in multi-unit buildings)1998: 63,930 units (50,540 single-family, 13,390 in multi-unit buildings)1999: 65,109 units (53,240 single-family, 11,869 in multi-unit buildings)2000: 61,485 units (48,844 single-family, 12,641 in multi-unit buildings)20002001: 62,496 units (51,839 single-family, 10,657 in multi-unit buildings)2002: 66,031 units (55,798 single-family, 10,233 in multi-unit buildings)2003: 74,996 units (65,845 single-family, 9,151 in multi-unit buildings)2004: 90,644 units (80,778 single-family, 9,866 in multi-unit buildings)2005: 90,851 units (80,804 single-family, 10,047 in multi-unit buildings)20052006: 65,363 units (55,633 single-family, 9,730 in multi-unit buildings)2007: 49,642 units (37,666 single-family, 11,976 in multi-unit buildings)2008: 26,082 units (19,153 single-family, 6,929 in multi-unit buildings)2009: 14,474 units (12,826 single-family, 1,648 in multi-unit buildings)2010: 12,370 units (10,755 single-family, 1,615 in multi-unit buildings)20102011: 13,007 units (10,306 single-family, 2,701 in multi-unit buildings)2012: 21,726 units (16,189 single-family, 5,537 in multi-unit buildings)2013: 25,209 units (18,386 single-family, 6,823 in multi-unit buildings)2014: 26,997 units (16,841 single-family, 10,156 in multi-unit buildings)2015: 28,910 units (22,311 single-family, 6,599 in multi-unit buildings)20152016: 35,578 units (24,853 single-family, 10,725 in multi-unit buildings)2017: 39,472 units (28,072 single-family, 11,400 in multi-unit buildings)2018: 41,664 units (32,127 single-family, 9,537 in multi-unit buildings)2019: 46,580 units (33,981 single-family, 12,599 in multi-unit buildings)2020: 60,342 units (42,277 single-family, 18,065 in multi-unit buildings)20202021: 65,334 units (46,561 single-family, 18,773 in multi-unit buildings)2022: 61,531 units (37,288 single-family, 24,243 in multi-unit buildings)2023: 58,433 units (34,429 single-family, 24,004 in multi-unit buildings)2024: 59,616 units (41,944 single-family, 17,672 in multi-unit buildings)2025: 51,532 units (33,371 single-family, 18,161 in multi-unit buildings)2025

Housing units authorised in Arizona by year, 1995–2025single-family2+ unit buildings

Single-family share of the latest 12 months: 66% (63% nationally). Since 1995: 1,543,595 units.

Year by year

Each year's index change and permits, with every county's figures for that year.

YearArizona indexUS indexUnits permittedSingle-family
2025+0.9%+2.8%51,53233,371
2024+4.0%+4.9%59,61641,944
2023+2.1%+5.7%58,43334,429
2022+21.3%+15.5%61,53137,288
2021+19.1%+11.6%65,33446,561
2020+6.6%+3.0%60,34242,277
2019+6.8%+4.2%46,58033,981
2018+7.8%+5.7%41,66432,127
2017+7.5%+5.4%39,47228,072
2016+7.0%+5.3%35,57824,853
2015+5.7%+4.4%28,91022,311
2014+10.3%+6.2%26,99716,841
2013+12.1%+3.4%25,20918,386
2012+4.3%−1.8%21,72616,189
2011−10.8%−4.4%13,00710,306
2010−13.1%−5.1%12,37010,755
2009−18.5%−7.5%14,47412,826
2008−12.1%−4.5%26,08219,153
2007−1.2%+0.6%49,64237,666
2006+17.9%+6.6%65,36355,633
2005+31.7%+12.4%90,85180,804
2004+11.8%+9.2%90,64480,778
2003+3.9%+4.5%74,99665,845
2002+4.9%+5.4%66,03155,798
2001+6.0%+6.7%62,49651,839
2000+7.0%+8.3%61,48548,844
1999+4.0%+4.3%65,10953,240
1998+4.3%+3.7%63,93050,540
1997+4.1%+3.8%57,76244,373
1996+4.2%+3.2%53,71541,311
1995+6.5%+3.7%52,71439,879

Cities issuing the most permits

Housing units authorised in the 12 months to August 2026; every place is listed on its county page.

Questions and answers

How much have home values in Arizona risen over 10 years?

The FHFA index rose +118.7% between 2015 and 2025, +8.1% a year; over 20 years +92.7% and since 2000 +228.1%. Nationally: +85.0%, +79.1% and +158.3%.

Which Arizona counties rose most over 10 years?

Pinal County (+137.6%), Navajo County (+136.6%) and Maricopa County (+125.3%), by FHFA's annual county index to 2025.

What happened to Arizona home prices in 2008?

The state index peaked in 2006, fell −45.2% to 2011 and regained its peak in 2020.

How many homes are being built in Arizona?

47,257 units were authorised in the 12 months to August 2026: 31,087 single-family and 16,170 in multi-unit buildings, 6.2 per 1,000 residents.

Where does this data come from?

FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.

Provenance

Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.