Nov. 21, 2006 - Phoenix median prices decline slightly |
Phoenix's median home price declined .6% in the third quarter of 2006 from the same time period a year ago, according to the most recent numbers released by the National Association of Realtors. The third-quarter median price of $266,500 also was 2% lower than the second-quarter median price of $272,200.
While median home prices are not ideal by any stretch of the imagination, if your intent is looking at the larger trend what you're seeing is a very, very slight decline from last year's run-up, furthering many people's argument that a crash in the real estate market is not imminent. A decline, absolutely - it's already in progress - but a crash, doubtful.
David Nereah at NAR finally admitted much of the nation had become a buyers' market, though his final statement sounds far too much like what we heard through most of this year with a '6' at the end of the date instead of a '7'.
David Lereah, NAR’s chief economist, said market conditions are nearly the opposite of a year ago. “Last year we had a record sales market and historically tight supplies of homes with buyers bidding over the asking price,” he said. “With the market in full transition, buyers now have choices and sellers are more willing to negotiate – under these circumstances it’s no surprise that overall home prices are slightly below a year ago. We expect this trend to continue in the months ahead, but we’ll see modest appreciation in most of the country in 2007.”
(c) Jonathan Dalton, 2006 / Jonathan Dalton's Arizona Homes |
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