Home price trends in Phoenix

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City-by-city price comps

Prices — and sales activity — have plummeted as if someone dropped them from the top of the Grand Canyon. John Burns Real Estate Consulting reports that the 2009 selling season has been nonexistent, and foreclosures — fifth most in 2008, according to RealtyTrac — seem to be the only properties selling. That’s helped resale sales activity rise, at the expense of prices, the consulting firm’s Chris Porter says. It expects the median resale price to decline into 2012. The good news? Affordability is excellent.

Median price end of 2008: $155,900
Median price end of 2007: $241,700
Percent change: -35.5%
Projected change through Q3 2009: -26.5%
Affordability rating: 0.1
Foreclosures in 2008:
(1 for every 17 households)
Foreclosures in 2007:
(1 for every 52 households)
Change in foreclosures: 220.8%
Expected to hit bottom: Q2 2010
Percent drop needed to reach bottom: -57.9%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $222,200
Q2 2008 local median price: $205,100
Q3 2008 local median price: $185,100
Q4 2008 local median price: $155,900

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