ASU Repeat Sales Index: Home prices picking up

The latest housing market research from Arizona State University shows Phoenix-area home prices are rising. The ASU Repeat Sales Index (ASU-RSI) shows home prices fell 23 percent from September 2008 to September 2009. Still, that’s less than the 25 percent decline from August to August and the 28 percent drop from July to July. Preliminary estimates for October and November show prices declining at even slower rates: 20 percent and 17 percent, respectively. The index pegged the median price for Phoenix-area homes in September at $130,000. That’s up from $126,500 in August. Preliminary median price estimates are $131,000 for October and $135,000 for November. Prices have increased for seven consecutive months since they hit bottom with an April median of $117,500.

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