Here’s another nice piece from Catherine Reagor.

“The Valley’s new-home market is in transition, and we are probably only halfway through that transition,” said real-estate analyst RL Brown, publisher of the Phoenix Housing Market Letter. “Now, home builders are re-evaluating where and for what price range they can sell homes.”

Brown estimates the median price of a new home will drop to about $195,000 when metro Phoenix’s housing market is done correcting. That’s back to 2003-04 prices.

Hmm, I wonder where the median new home price is now? I focus on resale homes.

BTW, the median price of resale homes is in the 2003-04 price range in many metro Phoenix zip codes already. A few way out zips are at 2002 prices.