Are Phoenix, AZ Real Estate Prices Going Down?

Are Phoenix, AZ Real Estate prices going down? The Associated Press reported that a recent study of home sales in the Valley area showed that there was some significant year-over-year price spikes in Arizona real estate. This is the first time an increase has been reported in the state in three years. The report was taken from the W. P. Carey School of Business at Arizona State University. This report took into account not only high-end homes in the Scottsdale area, but even throughout the state and in the lower-end market.

Even foreclosure segment homes posted price increases as of 2010. The real estate industry in Arizona is taking this to be a very positive sign. Some believe that the entire real estate market in Arizona is finally showing signs of improvement. The median price for single-family homes equaled $132,000, which is an improvement over the previous report which read $125,000.

Scottsdale real estate is volatile at this point in time and it doesn’t help that Arizona is currently facing the wrath of activist organizations and other cities (like San Francisco) with their controversial immigration stance. At this point in time, signs of Arizona real estate going up would certainly be welcome. Although the total sales figures dropped 3% from last year, this is a significant improvement over previous years which saw a reporting of a seven percent drop and a nine percent drop.

Could Phoenix, Arizona homes be on their way up and the entire real estate industry up and out of the recession? In recent times, developments such as the Hardest Hit Fund (targeting 4,000 homeowners hurt by recession) and the Sereno Canyon area opening up estate-sized lots have certainly helped the economy. A few more positive news items like this and we may see the start of a change.