Expert Jill posted on June 14, 2009 15:16
Phoenix - Median Home Price (excludes repossessions but includes sales by banks after they repossess)
May 2009: $130,000
May 2008: $224,000
From May 2008 to May 2009 the median home price fell $94,000.
From April 2009 to May 2009 the median home price INCREASED $5,000. The median home price increased in 8 of the 14 cities detailed by ASU.
If we were going to see any increase in the median home price in Phoenix we would expect to see it in May. The overall price trend, however, may still be down. The median home prices in the next few months will tell the story.
Even if prices continue to fall, one thing is certain, the extremely strong downward momentum in the Phoenix median home price has been broken.