“For the first time in three years, the ASU-RSI (Repeat Sales Index) is showing an increase in residential prices: preliminary data for March show that year-over-year, prices for homes in the lower-price and foreclosure segments in Phoenix turned positive.”
That’s according to the latest ASU Repeat Sales Index, which reports sales of homes in Phoenix AZ. Let’s take a look at the numbers:
The Phoenix real estate market overall
Compared to the same month a year earlier, prices fell 17% in November, 13% in December, 9% in January, 7% in February and 3% in March. Clearly, prices in the Phoenix real estate market overall are evening out – look for year-over-year prices increases to come.
Compared to previous months, prices of Phoenix homes have already been increasing. The median Phoenix home sales price was $125,000 in January and $132,000 in March – a 5.6% increase.
Lower-priced Phoenix homes
For lower-priced homes in Phoenix AZ prices were 8% lower in January 2010 than January 2009 but by March prices had actually increased 4% over 2009 – a really excellent sign.
Higher-priced Phoenix homes
Prices of higher-priced Phoenix homes are still lower than a year ago, but those declines have slowed – in March 2010 higher-priced Phoenix homes are down 6% from March 2009.
Foreclosure homes
As with the Phoenix real estate market overall, prices of foreclosed homes are evening out. Prices had declined 3% from January 2009 to January 2010, were 2% lower in February, and have actually increased 5% in March.
The median price of a foreclosed Phoenix home is $115,200 – up from a low of $97,000 last May. Price increases are being fueled by high demand for foreclosed homes from first-time homebuyers and investors.
Non-foreclosed homes
In January the median price for non-foreclosed Phoenix homes was $155,000 and had increased 2.25% to 158,500 in March. That is the first month-to-month increase in non-foreclosure prices since the end of 2007, marking what ASU real estate professor Karl Guntermann called “start of price stability throughout much of the housing market.”
Phoenix townhomes and condos
The market for Phoenix townhomes and condos has improved but is still faring far less well than the single-family home market. But, price declines have begun to ease – in January the median price of Phoenix townhomes and condos was 28% lower than a year before; that decrease was 26% in February and 19% in March. Again, while still not doing well compared to a year ago, the Phoenix townhomes and condos market does seem to be improving.
Read the full ASU-RSI report and get the data here
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