OK you buyers out there. You know when the paper starts reporting that prices are up, the bottom was a while ago. Here you go, right out of the republic today. Thank you Catherine Reagor!
Home prices up or holding steady
by Catherine Reagor – Nov. 25, 2009 12:00 AM
The Arizona Republic
Tracking metropolitan Phoenix’s home prices can be done in several ways, so there are different medians or index numbers for the area’s housing market. What’s key is the direction the numbers or indicators are heading. And all measures now show Valley home prices inching up or at least holding steady. • S&P/Case-Shiller, the leading national home index, shows metro Phoenix home prices ticked up 0.8 percent between August and September. The index lags a few months because it compares home prices across the country. Nationally, the 20-city index shows home prices climbing 0.3 percent during the period, so the Valley is faring better.
• The median price of a new Valley home has been climbing since July, when it hit bottom, according to RL Brown’s “Phoenix Housing Market Letter.” The area’s new median home price reached $192,103 in October. July’s low was $183,750.
• The median resale price for a single-family Valley home in October was $140,000, the same as in September, according to Arizona State University’s realty-studies group. The median is up from $138,000 in August.
• The median price of Valley homes, both new and resale, listed on the Arizona Regional Multiple Listing Service has held pretty steady at $130,000 for the past few months, reports Mike Orr’s Cromford Report. His analysis shows metro Phoenix’s home prices hit bottom in April, when the median fell below $120,000.
• Then there’s ASU’s Repeat Sales Index, which tracks changes in average Phoenix-area home prices from year to year. The latest survey shows the median price for all Phoenix home sales was $126,500 in August, up from $125,000 in July. The index also shows Valley home prices hit bottom in April, when a median price of $117,500 was recorded.
read the rest of the story: http://www.azcentral.com/arizonarepublic/business/articles/2009/11/24/20091124biz-catherine1125.html
I hope you find this helpful information,
Your Phoenix / Scottsdale Realtor
Jeff Cameron
480-652-2004