Dr. Jay Butler of Realty Studies at ASU came out with his Phoenix area residential real estate sales and median price numbers for July 2009. Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus.
Greater Phoenix – Median Home Price
(Single-family resale homes. Excludes repossessions but includes sales by banks after they repossess. ASU calls these “Traditional Sales”)
July 2009: $135,500
July 2008: $200,750
From July 2008 to July 2009 the median home price fell $65,250.
The median home price in the City of Phoenix increased from $79,000 in June to $94,000 in July.
For the City of Phoenix, the median home price bottomed out in March at $64,000 and has risen 47% since then to $94,000.
For Greater Phoenix, the median home price bottomed out in April at $125,000 and has risen 8% since then to $135,500.
Greater Phoenix – Number of Homes Sold
(Single-family resale homes. Excludes repossessions but includes sales by banks after they repossess. ASU calls these “Traditional Sales”)
July 2009: 7,300
July 2008: 4,695
Home sales in the City of Phoenix accounted for 32% of home sales in Greater Phoenix.
The number of homes sold in metro Phoenix in July INCREASED 55% over July 2008.
NOTE: Dr. Butler’s ASU data measures median home price. He doesn’t measure home price appreciation directly although the median price follows appreciation very closely. The Case-Shiller data shown on this website directly measures home price appreciation and depreciation. Dr. Guntermann at ASU uses the same technique Case-Shiller use but he also applies it to major cities within metro Phoenix. Case-Shiller and Guntermann release their numbers 2 months after the end of a month while Butler releases his numbers 2 weeks after the end of a month (except in August).