More evidence of the obvious and coming Phoenix real estate decline

Median sales prices:
Median sales price information:
May $130K
June $127.4K
July $125K
Aug (so far, Aug 11) $118K

today, bank owned homes in Phoenix actively marketed are at 7300. Notice how fast this increase has taken place, from just 4500 at the end of April. Typically, when a bank can’t sell a home for a few months, it begins dropping its price, so price drops are a few months AFTER the bank owned home is listed.

We will start seeing even more price drops now.

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About robertoaribas

Math professor, Realtor. 12 years of buying, selling, investing and managing rental properties. rock-climbing and salsa dancing. robertoaribas@gmail.com
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2 Responses to More evidence of the obvious and coming Phoenix real estate decline

  1. Craig says:

    Lord Almighty. Those are some awful numbers. Do you think Phoenix is an extreme example of what is happening everywhere, or is it a place unto itself?

    • I’d say Phoenix is on the worse end, but Los Vegas, South Florida, most parts of California are probably in the same boat. And most places to lesser degrees are effected by the same factors: First time buyers already bought due to the credits, so less of them gong forward, and continued high foreclosures will pressure prices downward.

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