Phoenix Housing Market - Median Price Trends
Median Sales Price Comparison with Prior Years
The Median Sales Price for the first half of 2009 continued a pronounced trend that began mid-2007. With the onset of foreclosure-related properties en masse during this time, this trend accelerated. It also told us that buyer demand in the marketplace was heavily weighted in the lower price bands.
Since May, we have seen an uptick in the median home price. This is due to movement into the next tiers of pricing by buyers as well as a declining foreclosure inventory that has moved buyer demand more to short sales and normal sales than we have seen in recent times.
Though median home prices don't tell us the full picture of pricing, there is a sense that as of today and barring any major new inventory hitting the market, the bottom of home pricing occurred in the March to May timeframe of 2009.
Median Sales Price - Long-term
As the graph clearly shows, there has been a sizable drop in the Median Sales Price for homes in the Phoenix area. The under $200,000 and more specifically, the sub-$100,000 portion of the market was very active with foreclosures and short sales. Combined with overall price deterioration, this is responsible for the decline here up until the May timeframe.
Since then, changing factors in the market have moved the median home price upward.
