Here’s another nice piece from Catherine Reagor.

“The Valley’s new-home market is in transition, and we are probably only halfway through that transition,” said real-estate analyst RL Brown, publisher of the Phoenix Housing Market Letter. “Now, home builders are re-evaluating where and for what price range they can sell homes.”

Brown estimates the median price of a new home will drop to about $195,000 when metro Phoenix’s housing market is done correcting. That’s back to 2003-04 prices.

Hmm, I wonder where the median new home price is now? I focus on resale homes.

BTW, the median price of resale homes is in the 2003-04 price range in many metro Phoenix zip codes already. A few way out zips are at 2002 prices.

September 1, 2008 by
 
About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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