Phoenix: Home Prices Drop
The National Association of Realtors has reported that home prices in the Phoenix area have dropped 2.2% over last year. That’s higher than the average median rate of 1.8%. The median home price fell in the Phoenix area to $262,500 during the past year, down from $268,300. Nationally, home prices fell from $216,100 to $212,300
This is a definite change of course for Phoenix which for the past two years has led the nation in home prices with a 50% jump .