Metro Phoenix home prices are headed for a new low, if they haven’t already hit it. Median prices for the sale of existing homes have been falling since June, when a federal homebuyer tax credit expired and an increase in foreclosures helped drive down prices that had been steady for nearly a year. A new low would create a double dip in a market that has already been on a harrowing ride. Prices rose to about $250,000 during the boom of 2004-06 and then collapsed amid a mortgage crisis and an economic recession. They bottomed out at $119,900 in April 2009, according to the Information Market, a real-estate research firm.
Double dip is looming for Phoenix home prices
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Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.