A new report shows home prices in the Phoenix area dropped by 7 percent in November compared to the same period in 2009, the fourth month in a row that prices slumped.
Wednesday’s preliminary report from the W. P. Carey School of Business at Arizona State University noted that even with the recent price declines, 2010 finally saw some stability in the market.
Professor Karl Guntermann says prices will probably continue to fall for the next several months but he believes the worst is over.
Monthly ASU-Repeat Sales Index reports showed prices inched up earlier this year before falling each month since August.
The overall median price for home sales in November was $122,300. The median price has remained between $122,000 and $135,000 since 2009.