Phoenix area home prices fell in January

phoenix-area-housing-marketBy Catherine Reagor | The Arizona Republic

Home prices and sales in most neighborhoods across the Phoenix area fell in January, signaling the region’s robust housing recovery is slowing, stalled or over after two frenzied years.

But the slowdown comes after a more than 70 percent rebound in home values.

The median price of a metro Phoenix home sale dipped to $196,900 during the first month of the year, compared to $205,000 in December 2013, according to a new report form the W. P. Carey School of Business at Arizona State University. It’s the first monthly decline in the median price since last summer.

In January 2013, the median price in Phoenix was $163,000.

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