Phoenix area home sales data for June were just released, and of course the media is all over it, proclaiming doom and gloom for the entire Phoenix market. Sales are definitely down, to 2000 levels and that get the majority of press. What doesn’t get nearly as much focus is yet another record has been set for median home value. The market can’t be imploding as the media would like you to believe if prices continue to rise (generally speaking). Yes, the RATE of rise has slowed, but as blogged here a long time ago, the appreciation rates we experienced in the past CAN’T continue .
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