By Terrance Thornton | Independent Newsmedia Inc. USA
The Phoenix housing market has been enjoying a renaissance of sorts since the 2011 recovery, but the latest real estate report from Arizona State University is showing a significant and sustained downturn to single-family-home sale prices.
Experts say this is indicative of a noticeable shift from a sellers to a buyers market while luxury real estate — generally thought of as any single-family homes priced at $750,000 or better — remains relatively untouched by the recent decrease in valuations.
February 2014, which is the latest data available, marks the first time the median single-family-home sales price went down for a second month in a row since the 2011 housing rebound, the ASU report shows.
