Jay Butler’s report on the Phoenix metro housing market came out yesterday. According to Butler:
The median home price has been very stable at $259,000, a slight improvement from October’s $257,000 and September’s $256,900. It is still below last year’s $263,000 and the record of $267,000 set in June 2006.
The year over year decline is 1.5% for single family homes. This rate is not adjusted for inflation. Median prices can be affected by seller incentives, and the mix of homes being purchased. It does not always adequately reflect same house appreciation or depreciation. This is the third month in a row that the Phoenix market has been in negative territory:
