Valley home prices dip 2.7% year over year

Valley home prices dip 2.7% year over year
by Kaushik Sirkar, Chandler AZ REALTOR
Chandler Arizona Real Estate

We know the real estate market nationwide has slowed down significantly post-boom.  This is definitely the case in the Phoenix metropolitan area.  However, rather than large price decreases, we have seen significantly higher inventories as well as increased days on the market for homes that do sell.

See this article from the Arizona Republic.  Year over year, the Valley's home prices have "only" gone down about 2.7%.  Thats not bad for a market that appreciated over 50% in 2005 alone.  And its certainly less than some other locales including Las Vegas and various Florida destinations.

Does this take EVERYTHING into account?  Certainly not.  Its one big of information in the overall housing picture.  But it does suggest that prices ARE NOT in a freefall.

Thanks for Reading :)

Kaushik Sirkar, Chandler AZ REALTOR
Chandler Arizona Real Estate