Scottsdale Experienced Erosion In Prices...

Scottsdale experienced erosion in prices, reports that median home prices fell as much as 4 percent in six of 14 northeast Valley zip codes from August 2006 to January 2007. However, a dwindling supply of buildable land is a stabilizing factor in the Scottsdale real estate market, despite a deep drop in sales last year and some price erosion at the end of 2006. Scottsdale's median price stood at $664,000, up 16 percent from 2005. "The market is giving back some of the gains it achieved" the past two years, said housing analyst RL Brown. Scottsdale and the northeast Valley are still in demand and a limited supply of new homes has helped keep prices relatively stable.

http://www.azcentral.com/class/marketplace/homevaluesspring07/articles/0303vhv-scottsdale0311.html