Dr. Jay Butler of Realty Studies at Arizona State University came out with his Phoenix area residential real estate sales and median home price numbers for September 2010.
The median price was stable in September ($135,000), the same as in August ($135,000), after tanking since June ($143,000).
I’m guessing we’ve seen most of the price declines we’ll see from the $8,000 first-time tax credit.
The median home price in Maricopa County bottomed out in April 2009 at $125,000 and rose 15% to peak at $144,000 in April and May 2010. The median home price is now down 6% from the peak.
On the other hand, you can see that single family home sales were way down this September, down 20%, compared to September 2009. That can’t be good for the future median home price.