Housing Market Decline Arrives...

Housing market decline arrives, from the Arizona Republic Scottsdale, reports that the Valley's declining housing market finally caught up with Scottsdale, with the city's overall median home values dropping in July for the first time in years. Scottsdale's median resale price dropped 9.4 percent in July to $580,000, while sales of existing homes fell 6.5 percent, according to the numbers released by the Arizona Real Estate Center at ASU. Condo prices fell 1.8 percent, to $260,000, and sales fell off 8 percent. South Scottsdale saw home prices decline 6.3 percent to $304,425. Paradise Valley's median price fell 1.8 percent to $1.4 million.

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