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Homes for Sale in Arizona #2 in Nation for Price Drop
August 25, 2009 by Denny Elmes · Leave a Comment
Creative Commons License photo credit: SearchNetMedia
Phoenix No. 2 in U.S. for drop in home prices
Phoenix is not leading the nation in home prices declines, according to the S&P/Case-Shiller home-price index released this morning.
Las Vegas is No. 1 with a 32.4 percent drop in housing values between June 2008 and June 2009. Metropolitan Phoenix came in at No. 2 with a 31.6 percent decline for the period. Detroit was No. 3 with a 25 percent price drop.
According to the well-respected index, metro Phoenix has led the nation for home price drops during most of the past six months. However, the Valley’s median home prices started to tick up in late April as the inventory of foreclosures for sale dipped.
Phoenix was one of the 20 cities tracked by the index that saw its price decline improve from May to June. Las Vegas and Detroit both experienced bigger decreases in home prices during the month.
Because the index lags a few months, metro Phoenix should do even better on next month’s index. The Valley’s median home price has climbed about $10,000 from the low it hit in early June.
Overall, U.S. home prices tracked in the 20-city index dropped in June to 15.4 percent from 17.1 percent.
For the fifteenth straight month, no metro area in the index posted a year-over-year price increase. Nationwide, home prices are at 2003 levels.
Source: AzCentral.com
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