Dr. Jay Butler of Realty Studies at ASU came out with his Phoenix area residential real estate sales and median price numbers for April 2009. Realty Studies is associated with the Morrison School of Management and Agribusiness at Arizona State University’s Polytechnic campus (although they are apparently going to become part of the W.P. Carey School of Business at ASU).
Phoenix – Median Home Price – Non-Foreclosures
April 2009: $125,000
April 2008: $225,000
From April 2008 to April 2009 the median home price fell $100,000 but from March 2009 to April 2009 the median home price only fell $2,000. The median home price actually increased between March and April in 4 of the 14 cities detailed by ASU, including Phoenix and Mesa.
The downward momentum in the median price is clearly petering out.
Phoenix – Number of Homes Sold – Non-Foreclosures
April 2009: 6,640
April 2008: 3,815
The number of homes sold in the Phoenix area in April INCREASED 74% over April 2008.