Home Prices Depend On The Neighborhood...

Home prices depend on the neighborhood, from the Arizona Republic, reports that patches of the Valley, including parts of the West Valley, continued to see rising home prices during the first quarter of 2006 when compared to the last quarter of 2005, while pockets saw dips as much as 12 percent, according to figures from the Arizona Regional Multiple Listing Service. Across the Valley, homes stayed on the market longer and fewer homes overall sold. About one-third of all metro Phoenix neighborhoods experienced drops in price, according to the MLS. The Valley's overall median home price has remained at about $265,000, while the number of resales are down 34 percent for the year. One trend noted was that many neighborhoods close to downtown Phoenix saw price increases, while many on the farthest edges showed little improvement or posted price decreases. "It's possible that home prices will drop 5 to 10 percent overall", said Jay Butler, director of the Arizona Real Estate center at ASU. "There have already been significant declines in some areas of the Valley."



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