Phoenix home prices going up, despite foreclosures
Phoenix-area home prices continue to slowly increase each month, despite the high level of foreclosures in the Valley. A new report from the W. P. Carey School of Business at Arizona State University confirms slight improvements for the past five months in a row.
The Arizona State University-Repeat Sales Index measures changes in average Phoenix-area home prices from year to year. The latest report reveals Valley house prices declined by 25 percent between August 2008 and August 2009. However, that’s less than the 28-percent drop from July 2008 to July 2009 and the 31 percent drop from June to June.
“Since the most rapid declines back in February and March, the index has been declining at a slower rate each month,” professor Karl Guntermann, the Fred E. Taylor Professor of Real Estate at the W. P. Carey School of Business, wrote the report. “The local housing market is regaining some measure of stability.”