Prices Of Homes Slip Again...

Prices of homes slip again, from the Arizona Republic, reports that Valley homes prices dipped again in August, even falling below last year's levels in some areas. The median sales price fell to $262,500, a drop from July's median price of $264,900. The numbers were released by the Arizona Real Estate Center at ASU. Jim Rounds, a senior economist with Elliott D. Pollack & Co's., said price declines in many parts of metropolitan Phoenix are just beginning and could continue until early 2007. And he said new home price reductions are right around the corner as the housing market's oversupply issue is corrected. Last month, 5,685 existing homes sold in the Valley, up slightly from the 5,545 resales in July, but down from the 10,700 recorded in August 2005. For the first eight months of 2006, there were 47,515 used-home sales Valley-wide, down from 78,935 for the same period in 2005. The article states that the current housing market problems were caused by the investor-buyer frenzy last year. The numbers this year reflect numbers we saw in the more normal 2003 market.

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