November 22, 2024 6:31 am
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New Phoenix housing market numbers define new normal

new normalBy 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.

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