Buyers are really starting to buy lower priced Chandler Homes, Gilbert Homes, and Phoenix Homes.  Statistics show that 4,215 resale transactions were recorded this February, compared to 2,690 resale transactions recorded in 2008.  This is an increase of 57%.

The median resale price for Maricopa County in February was $133,000, down almost $100,000 from the median price of $230,000 in February 2008. 

The median foreclosed home value in February of 2009 was $164,470, significantly higher than the median resale price.  According to Jay Butler, ASU Realty Studies Director, this is due to the higher end homes going into foreclosure while buyers are purchasing the less expensive homes.

City          February 2009     February 2008     February 2009     February 2008       Foreclosure Difference                      Resales               Resales              Median               Median                 2009 to 2008

CHANDLER      180                      190                 $200,000          $250,000                     +105

PHOENIX        1,370                    590                $65,000            $200,000                     +865

GILBERT         230                      190                $200,000          $251,000                      +90

Chandler Homes showed a decrease of only 10 resale home sales from February 2008 compared to February 2009, but foreclosures of chandler homes increased by 105 during that same period.  The median price of Chandler homes dropped $50,000 during that same period.

From the rest of the information on the report, the cities with the lower resale prices are selling more resale homes than the cities that are maintaining a higher resale value.  Cities with the higher resale value are experiencing more foreclosures than the cities with the lower resale value.