The market appears to be reaching some level of stability in regards to home values. However, different home segments have experienced different trends. For example, most "First-Time Buyer" type homes which for Phoenix area could be categorized as under $150K have experienced price stabilization and/or even price increases since April 2009. In contrast, Luxury Homes which could be categorized as $500K and up have continued to decline in price during that same period.
An important factor for real estate sales and values during the lat 5-10 years has been Home Inventory Supply vs Buyer Demand. Falling home values have been a result of a huge excess of home inventory supply and while inventory supply decreased substantially over the last 3 years which is great for stabilty, in recent months inventory supply has increased again primarily due to "work-outs" not going through resulting in foreclosure and continued short sale inventory increases.
The quantity of buyers has been strong during the last 6 months and Maricopa Sales figures have rivaled the high levels during 2005 only being off by 15% some months. However it has dropped slightly in the past month.
The general press is reporting housing market information that is six to nine months old. Please feel free to call me or e-mail me for additional information.
USE LINKS BELOW FOR STATISTICS AND IN DEPTH ANALYSIS