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Phx housing market is 'about where it should be'.
The Arizona Business Gazette, reports that despite the huge number of homes for sale in the Valley, real estate expert Jay Butler says prices remain above the national average. "The market is about where it should be, and people don't like to hear that," the director of Realty Studies at ASU said recently. Currently, the median Phoenix area home price is around $260,000, while the national median price is $219,000. Although the inventory of homes for sale has climbed to about 51,000, the Phoenix area remains one of the top 20 metro areas for a median price. Problems facing our market include buyers not being able to afford as much because of the higher prices and because skittish lenders have been tightening their guidelines. Sellers can't or won't lower their prices because they owe too much. And buyers are having problems selling their own homes.
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