An Online Home Buying Network For Educators
Phoenix Real Estate Blog: Phoenix Home Prices Rise for Third Straight Month
Home prices rose in the Phoenix area for the third straight month in August ¬ – a sign that the real estate market may well have hit bottom and caught the recovery wind.
According to the S&P/Case-Shiller Home Price Index, the median price of resold homes in the Phoenix area was up 1.6% in August compared to July. Prices rose 1.1% in June – the first time they increased since the real estate bubble began to deflate in August 2006.
Source: http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/in...
Prices in most of the other markets measured by the Case-Shiller index rose as well, and were up 1% overall. And that’s a good thing, according to real estate professor Susan Wachter. “If the increases are consistent across the markets, this is key,” she told the AP. “Then we’re seeing the formation of a bottom.”
Relative affordability – the median price in August was just about the same as in May of 2001 – is driving buyers back into the Phoenix market in huge numbers. Local economist Elliott Pollack said that the residential real estate sector is “on its way to becoming a positive force in the economy” again.
What do you think? How have rising home prices affected you? Click on the “Comments” link below and join the discussion!
According to the S&P/Case-Shiller Home Price Index, the median price of resold homes in the Phoenix area was up 1.6% in August compared to July. Prices rose 1.1% in June – the first time they increased since the real estate bubble began to deflate in August 2006.
Source: http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/in...
Prices in most of the other markets measured by the Case-Shiller index rose as well, and were up 1% overall. And that’s a good thing, according to real estate professor Susan Wachter. “If the increases are consistent across the markets, this is key,” she told the AP. “Then we’re seeing the formation of a bottom.”
Relative affordability – the median price in August was just about the same as in May of 2001 – is driving buyers back into the Phoenix market in huge numbers. Local economist Elliott Pollack said that the residential real estate sector is “on its way to becoming a positive force in the economy” again.
What do you think? How have rising home prices affected you? Click on the “Comments” link below and join the discussion!
Tags: home, agent, arizona, case-shiller, estate, housing, index, market, phoenix, price
Comment
About
© 2009 Created by Troy Schuricht on Ning. Create a Ning Network!
You need to be a member of Teacher A Plus to add comments!
Join this Ning Network