Phoenix Business Journal – by Adam Kress
Single-family home prices are dropping at record levels, and the Phoenix area is getting hit harder than most.
According to the National Association of Realtors, home prices dropped 7.7 percent from first-quarter 2007 to first-quarter 2008. In Phoenix, the numbers were down more than 15 percent, to a median sales price of $220,200 for the period.
The NAR said this was the largest year-over-year decline since the group began reporting prices in 1982. The national median sales price was $196,300 for the first quarter, down 4.8 percent compared with the last three months of 2007.
