Median Phoenix Home Prices at 1998 Levels

1998 coinPreliminary estimates from Arizona State University show that the median Phoenix-area home price in May came in at $115,000.  That would put prices back at the same level as October of 1998.

This isn’t too surprising as our price index has declined for 25 consecutive months, which makes it the longest drop in Valley history. 

But it’s not all bad news.  ASU confirms what every Realtor has been saying for 3 months.  The Phoenix-area housing market is approaching a legitimate recovery.  

This is based on the W.P. Carey School of Business at ASU who calculates the Repeat Sales Index (which measures changes in average Phoenix-area home prices from year to year.

Here’s some encouraging news~

From February 2008-February 2009 Valley home prices fell 37%
From March 2008 – March 2009 Valley home prices fell 37%
From April 2008 – April 2009 Valley home prices fell 35%
From May 2008 – Mary 2009 Valley home prices fell 33%

Stay tuned!

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