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.