For 2006, the median home price decreased from $257,000 in January to $255,900 in December or a 0.4 percent decrease.
Despite dire warnings from the Arizona Republic in a June article, “How low will it go?; Home prices may dip 10% as fear grips Valley market.” the median home price in Greater Phoenix in 2006 was… flat.
This is what Catherine Reagor of the Arizona Republic wrote in that June article.
If prices fall 10 percent this year, as analysts predict, the median price of an existing Valley home would dip to around $238,000.
Wow! The Arizona Republic or their “analysts” sure got it wrong.
2006 was definitely NOT a good year but it was a lot better year than what the Arizona Republic expected. They were too low by $17,900.
Nevertheless, the fact that the median home price in Greater Phoenix was flat will be little solace to homeowners in a few Greater Phoenix cities where the median home price did indeed fall by 10 percent or more.