Home prices show first annual increase in three years

New research from Arizona State University shows that Phoenix-area housing prices in April posted a year-over-year increase for the first time in three years. The Arizona State University-Repeat Sales Index measures changes in average Phoenix-area home prices from year to year. The latest index finally reveals an estimated 1 percent increase from April 2009 to April 2010. This follows a 13-percent fall from December 2008 to December 2009, a 9 percent drop from January 2009 to January 2010, a 7-percent decline from February to February, and an estimated 3percent drop from March to March.

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