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Phoenix metro area, 28% decline since September 2007

Real Estate Agent with The Monaghan Group DRE #BR526609000

this weeks buisness journal reported that home parice in the Phoenix Metro area have slipped a total of 28% since september of this 2007 through September of this year.

Before you jump out a window, this is bringing the prices of homes in the metro area back in a very affordable range for buyers, there is a fantastic range of homes and prices for all budgets.

Dont buy into the negativity but take the opportunity.




Phoenix-area home prices show 28 percent decline since September 2007:  Home prices in the Phoenix metro area dropped 28 percent between September 2007 and September 2008, according to new figures released by Arizona State University’s Center for Real Estate Theory and Practice. That sets a new record for the annual decline in prices and is the 19th consecutive month that home values have dropped across the Valley. Researchers calculate the Repeat Sales Index, which compares the sales price of a specific home at various periods of time. That contrasts with other surveys that rely on comparable home sales to derive values. ASU touts the RSI as a better measurement of actual home values. Karl Guntermann is the Fred E. Taylor Professor of Real Estate at ASU’s W.P. Carey School of Business, which distributes the findings. He said the trend is unprecedented in local real estate history and may continue for months. Gunterman said it’s possible that home values eventually will show a 30 percent decline before rebounding. One bit of good news: The rate of decline is showing signs of stabilizing in every area except Tempe. The report did not speculate on why Tempe still is recording significant price slips.

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Maggie Baumbach
Search Homes for Sale in Maryland at HelpShop.com - Reisterstown, MD

Between the price pull back and the lowest interest rates ever, there is a huge opportunity.

Dec 20, 2008 12:07 PM
Jessica Monroy
Associate Broker with HomeSmart - Litchfield Park, AZ

Leave it to the media to focus on the negative statistics.  The number of homes that have closed in the months of September through December 2008 are up 30-50% compared to 2007.  It is a great time to buy a home in Phoenix, AZ!

Dec 20, 2008 12:55 PM
Sun City Grand Homes; Surprise AZ Real Estate and Homes,Josee Plant Long Realty West Valley
Long Realty West Valley - Surprise, AZ
Arizona Retirement Communities Specialist

Ouch-I knew the numbers weren't great.  It is a great time to buy, not so good a time to sell.  At some point things have got to turn the corner.  When is what I and everyone else would like to know.  Thanks for sharing this information.

Mar 07, 2010 06:22 AM