Phoenix Resales Among Lowest...

Phoenix resales among lowest, from the Arizona Republic, reports that while Phoenix is the Valley's biggest city, it has one of the lowest home prices. In the first eight months of 2006, the median price of a home sold in Phoenix was $250,000, according to the Arizona Republic survey of Valley home sales. That's lower than the metro area's overall median price of $256,900. Prices for new and existing homes in Phoenix climbed 11.1 percent for the first eight months of 2006, compared with 35 percent in 2005. Like most parts of the Valley, Phoenix's housing market is returning to normal, like in 2004 when home prices in the city also rose 11 percent. Phoenix has several areas where first time buyers can find more affordable homes, such as south Phoenix, Maryvale and Laveen. In west Phoenix's Maryvale neighborhoods, the median prices are below $200,000, but those Maryvale neighborhoods also had some of the biggest increases in home prices this year, at 30 percent or higher.