ASU’s Greater Phoenix Resale Home Market report shows the median home price in November ($259,000) was up slightly from October ($257,000) but there’s still plenty of pain out there.

Last month I said;

If the median home price in November is not lower than October, that will strongly suggest a bottom has been reached because prices are usually weakest during the autumn.

Well, the median home price for Greater Phoenix was indeed higher in November than October but it’s not a broadbased increase. A lot more cities had a lower median home price in November (9) than a higher median home price (5).

So I can’t say that strongly suggests the bottom has been reached.

The mixed signals suggest no clear direction which, now that I think about it, is consistent with approaching the bottom.

Here is an Arizona Republic article on the report. And another on Scottsdale.

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