More good news for Arizona Scottsdale Real Estate

According to the latest Arizona State University-Repeat Sales Index report released Thursday, Feb. 25, the Phoenix real estate market is continuing to rebound from the recession.

The drop in house prices slowed to 17 percent in November, compared to a 20 percent drop in October and a 23 percent drop in September. Data was not immediately available for December and January, but estimates suggest prices will decline by only 13 percent in December and 9 percent in January.

“The slowdown in the rate of decline has been accelerating for several months, and if the present trend continues, prices will level off later this spring,” said Karl Guntermann, professor of real estate and creator of the ASU-RSI.

The November median home price (including foreclosures) was $135,000, up from $131,000 in October, according to the report. The median price for non-foreclosed properties was $165,000 in November.

Luxury Arizona homes have done better retaining their value in the difficult market environment. Lower-priced homes have regularly seen their values drop at a faster rate than the higher-priced homes, according to the report.

The yearly decline for lower-priced homes was 23 percent in November, compared to 15 percent for luxury real estate properties.

The townhouse/condo sector of the housing market is fairing the worst. According to the ASU-RSI report, townhouse/condo prices declined 28 percent in November compared to 31 percent in October.

The median price is also continuing to fall. It dropped to $89,000 in November followed by $84,600 in December and $80,000 in January, according to the report.

Click here to read the whole ASU-RSI report.

Purchasing a home is a big decision with many factors to consider before signing on the dotted line. Recent data reveals now is a good time to buy, as well as build. Sereno Canyon is a secluded North Scottsdale, Arizona gated community offering estate-sized home sites averaging an expansive 2.5 acres in size. Take an online tour of the community today or schedule an in-person tour and discover the desert paradise that is Sereno Canyon.