Home Prices In Metro Phoenix Decreased Last Month
Housing prices in metro Phoenix were down again last month, compared to the month before. That’s according to a new report from Arizona State University. Real estate expert Mike Orr, of the WP Carey School of Business, said there are a lot of reasons for the drop in demand.
“Buyers are out there but they’re not showing a great sense of urgency, and many of them are still struggling to qualify even if they want to buy homes, so it’s creating less than ideal conditions for home sellers," Orr said.
Orr said it was the second straight month of modest price declines in the Valley but that the median price of a single family home, $195,000, was still 15 percent higher than the median price for 2013. He said things may improve in the weeks ahead, but it’s difficult to predict.