Report: No growth in home Phoenix-area home prices expected for at least 1 year
By APFriday, August 27, 2010
Report: Phoenix-area home prices flat in July
PHOENIX — Prices for Phoenix-area homes were flat in July for the first time in three months, and the author of a new report says he expects no price appreciation for the next year.
Preliminary numbers show the median price for a home sold in the metropolitan Phoenix area was $129,900 in July, exactly what it was in July 2009.
Prices had risen slightly in April, May and June for the first time since the recession began.
Arizona State University Professor Karl Guntermann says small improvements seen in the past year and a half won’t continue, but he doesn’t see prices going down again as some predict.
Guntermann compiles the ASU-Repeat Sales Index each month by measuring annual changes in average Phoenix-area home prices. It compares the prices of each property against its previous value.
