Housing index stays positive

A key indicator of the Phoenix-area housing market's overall health showed mild improvement in June, although prices in some segments of the market continued to decline, according to a new report from Arizona State University's W. P. Carey School of Business. The ASU Repeat Sales Index clocked in at about 2 in June, according to preliminary data, which means the average price of resale homes was slightly better than it had been a year earlier. A negative index indicates year-over-year decline, while a positive index denotes improvement. June was the third consecutive month with a positive index number, according to ASU professor of real estate Karl Guntermann, a significant recovery from its all-time depth of -35 points in April 2009. The index was at 3 in May and 1 in April, according to the ASU report. Still, that improvement was not apparent to all Phoenix-area residents trying to sell their homes.

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