The Phoenix housing market is kind of a weird one. Compared to many other cities in the western United States, Phoenix’s home prices are a bargain. But those of us who live here have seen home prices shoot up and up and up over the past half-decade. “Affordable,” after all, is a relative term.
But Phoenix homes might finally be getting more affordable, at least relatively speaking. In November, a housing study found that nearly all Arizona homes lost value over the previous year. Now, a new study from the banking site GOBankingRates used Zillow data to show that downward trend might have some legs.
According to the study, home prices in Phoenix have dropped the second-most of any major city in the West. Year over year, Phoenix home prices have dropped 4%, just behind homes in Denver (4.2%). No other major Western city even reached a 3% decline in prices. Some cities — including San Francisco, Albuquerque and Salt Lake City — saw home prices rise, bucking a national trend…