The Phoenix Business Journal reports the Valley’s median single-family home price dipped another 1 percent in February to $195,000. That follows a 4 percent decline in January. It was the first time since 2011 the median price declined for two consecutive months, the report said.
But the typically busy spring buying season, which began last month, might offer a boost, said housing expert Michael Orr at ASU’s W.P. Carey School of Business.
“The period from March to May is almost always the strongest part of the year for demand, and it is highly probable we will see some upward movement in pricing over the next three months,” Orr told the newspaper.
