It may not be the final bottom but it certainly looks like a significant change in direction. It is likely the beginning of the end of falling home prices, although absolute bottom for the median home price may be many months out.

In a typical year, higher median prices in the Spring are followed by lower median prices in the Fall / early Winter. In a typical year, however, the Spring rise is larger than the Fall fall so the median price tends to ratchet up a bit over the year. This year may not be that way.

The point is, this may not be the absolute bottom but it’s a change to see any bottoms in the listing data.

Median List Price per Square Foot for Single Family Homes in Phoenix Arizona

<img src=",2,3,4/m/z/sf/5567783.png&quot;Data for City of Phoenix, not metro Phoenix.

The more important number, of course, is the sale price, not the list price. It will be fun to see if we get higher not-falling sale prices out of the higher not-falling list prices. I think we will.