News Article From: 04-14-2006
The article, Median resale housing prices still dropping, from the Arizona Republic Ahwatukee, reports that median resale housing prices fell in the Southeast Valley in March primarily due to the increased number of homes on the market. The main exception was Ahwatukee Foothills, where prices rose 6 percent from February to March, to $364,250. But that is still below the December 2005 median price of $386,250. Median prices from February to March fell 5 percent in Gilbert, 4 percent in Tempe, 1 percent in Mesa and 1.6 percent in Chandler. Jay Butler, director of the Arizona Real Estate Center at ASU, said most homes sold these days are by investors who flooded the market over the last two years. They tend to buy cheaper and smaller homes and are now selling them back for profits. However, the peak sales season is just getting started. Butler said the May, June and July sales figures should show what is really happening in the market. The article gives the current median prices and sales volume for each of the Southeast Valley cities.