Median sale price of homes in Phoenix area is slowly rising

Phoenix-area home values continued a gradual ascent toward 2008 prices in October, with the median down just 20 percent from a year earlier, according to preliminary same-home sales data from Arizona State University. That's considerable progress, given that in January the Valley's median was down 35 percent from a year earlier and still declining. If the market continues to move in the same direction, home prices should reach a zero percent rate of decline by May or June 2010, meaning that homes would be selling at the same price they sold for in May or June of this year, said Karl Guntermann, a professor at ASU's W.P. Carey School of Business.

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