ASU’s Jay Butler points out indirectly that metro Phoenix is many real estate markets from bust towns to flat towns.
I bet Arizona has a few subdivisions with housing appreciation as good as Washington State appreciation.
Butler detailed some statistics that showed the real estate market is suffering in Phoenix and in its surrounding areas, particularly Maricopa and the Queen Creek area. He referred to both as “bust-towns.”
Maricopa’s median price for a home dropped from $256,000 two years ago to $219,000. However, the drop in prices hasn’t increased sales. The latest sales figures, from the week of Aug. 4, show 39 homes sold in Maricopa that week. During the same week last year the number of homes sold was 104.
The Phoenix metropolitan median home price is down just $1,000 from 2005’s $264,900.