Some of the 530 property owners in Glendale’s 85302 ZIP code who sold their houses in 2014 may have welcomed a sale price close to what their homes were worth 10 years ago.
But that sale price only matches up to the 2004 value on paper.
In 85302, the median home-sale price in 2014 was $147,000. That’s up 0.9 percent from 2004. When the effects of inflation are considered, last year’s sellers actually got about 20 percent less for their home.
Overall, home prices in the Valley are pretty much the same as they were 15 years ago, when adjusted for inflation, said Mike Orr, director of the Center for Real Estate Theory and Practice at Arizona State University’s W. P. Carey School of Business.
“Someone who has seen their income go up 30 to 35 percent won’t find housing more expensive, but those who haven’t seen big income gains will,” Orr said.