No falling prices through February 2014

The top topic of conversation among real estate agents right now is falling home prices in Phoenix.

I just got data of metro Phoenix home sales for February 2014 and updated my charts in the right-hand sidebar and we have NOT seen lower median home prices… at least through February.

March will be the key to how the rest of 2014 plays out. If the median home price fell in a lot of zip codes in March, that would be a sign of a weaker than average Phoenix real estate market because median home prices typically increase in March.

Even if home prices don’t increase in March, I would certainly expect to see at least a little uptick in prices in April.

Phoenix Real Estate Market Trends

This is an exciting (and a little bit scary) time for Phoenix residential housing prices because the market is changing and we don’t know exactly where we’re headed.