… the median home price fell about 14 percent in Paradise Valley – the Phoenix area’s most expensive residential community – from Jan. 1 to Aug. 31. It was the second-biggest decline among cities and towns.
Home prices in Paradise Valley don’t look bad anymore… for Paradise Valley, anyway.
Even Tempe, which had experienced relatively mild price decreases during the slump’s first two years, has been among the five worst-performing markets this year, with the median sale price falling more than 9 percent.
The article doesn’t mention this but Tempe was one of the last communities to join the real estate boom party and now it’s one of the last to the bust.