Phoenix housing values improve

Two reports released Tuesday, one local and one national, appear to confirm that housing values are improving in the Phoenix market. Arizona State University’s Repeat Sales Index shows that although prices are lower than one year ago, the declines are not as severe as they have been. For instance, the index shows prices dropped 9 percent from January 2009 to January 2010. That compares with a 13 percent year-over-year price drop in December 2009 and a 17 percent year-over-year price drop in November 2009. “The March figures also show the first monthly increase in the median price of non-foreclosure homes since the end of 2007,” said ASU Professor Karl Guntermann, who is the Fred E. Taylor Professor of Real Estate. “This may signal the start of price stability throughout much of the housing market.”

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