ASU’s Greater Phoenix Resale Home Market report shows the median home price in October ($257,000) was essentially the same as in September ($256,900).
Last month the price decline was big news.
The median home price in September was down $5,600 or 2.1% from August ($262,500). The large September decline, however, didn’t carry any momentum into October suggesting the worst may be over.
If the median home price in November is not lower than October, that will strongly suggest a bottom has been reached because prices are usually weakest during the autumn.
Nevertheless, several cities still show a declining price trend. See graphs and chart below.
UPDATE: Here’s the Arizona Republic article on the report.