Dr. Jay Butler of Realty Studies at Arizona State University came out with his Phoenix area residential real estate sales and median price numbers for November 2009.
Greater Phoenix - Median Home Price
(Single-family resale homes. Excludes repossessions but includes sales by banks after they repossess. ASU calls these “Traditional Sales”)
November 2009: $143,000
November 2008: $162,000
The median home price in Marcopa County bottomed out in April at $125,000 and has risen 14% since then to $143,000, including a $3,000 increase in November which is usually a weak month for home prices.
The increase was certainly related to the expected “expiration” of the $8,000 tax credit on December 1. The program was extended before it expired.
The median home price in the City of Phoenix bottomed out in March at $64,000 and had risen 52% since then to $97,000 in November.
Greater Phoenix - Number of Homes Sold
(Single-family resale homes. Excludes repossessions but includes sales by banks after they repossess. ASU calls these “Traditional Sales”)
November 2009: 5,350
November 2008: 3,370
The number of homes sold in metro Phoenix in November increased 59% over November 2008.
NOTE: Dr. Butler’s ASU data measures median home price. He doesn’t measure home price appreciation directly, although the median price follows appreciation very closely. Case-Shiller data, however, directly measures home price appreciation and depreciation. Dr. Guntermann at ASU uses the same technique as Case-Shiller but Dr. Guntermann breaks down the data further to look at appreciation in the major cities within metro Phoenix as well as metro Phoenix as a whole. Case-Shiller and Guntermann release their numbers 2 months after the end of a month while Butler releases his numbers 2 weeks after the end of a month.
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