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John Wake
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John Wake, M.S. (Economics), is a Realtor and Associate Broker with HomeSmart Real Estate in Scottsdale, Arizona. John takes an analytical approach to managing his clients' buys and sells of luxury real estate in Scottsdale and Paradise Valley, Arizona. John publishes the Arizona Real Estate... More
My blog:
Arizona Real Estate Notebook
  • More evidence of a possible approaching bottom for Phoenix home prices 0 comments
    Apr 26, 2009 2:57 PM

    It may not be the final bottom but it certainly looks like a significant change in direction.  It is likely the beginning of the end of falling home prices, although absolute bottom for the median home price may be many months out.

    In a typical year, higher median prices in the Spring are followed by lower median prices in the Fall / early Winter. In a typical year, however, the Spring rise is larger than the Fall fall so the median price tends to ratchet up a bit over the year. This year may not be that way.

    The point is, this may not be the absolute bottom but it's a change to see any bottoms in the listing data.

    Median List Price per Square Foot for Single Family Homes in Phoenix Arizona

    The more important number, of course, is the sale price, not the list price.  It will be fun to see if we get  not-falling sale prices out of the not-falling list prices.  I think we will.

    (Disclosure: No positions.)

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