Phoenix home values continue to plunge - November 2008

Desperately seeking bottom?

Home values in Phoenix have dropped $61 per-square foot from this time last year. Look at the chart and read it in this manner: 13,927 homes were on the market to begin November of 2008.  897 sold, which was 6.4% of all homes for sale.  That equals 15.5 months worth of inventory.  The average "sold" home was 1,770 ft.² at a price of $162,485, or $92 per-square foot.  Those homes sat on the market for 111 days before selling.

 

Notice the big drops from month to month, especially in recent months;

• a five dollar drop from May to June
• a seven dollar drop from June to July
• a six dollar drop from July to August
• an eight dollar drop from August to September
• a six dollar drop from September to October
• an eight dollar drop from October to November

Comments

[david wilson]

I can remember "all the way back" to 2003 when houses in n scottsdale were 100/sq foot. It seems like a 100 years ago for a potential buyer.
Guess those Option ARMs haven't kicked in yet. Waiting is agony, but required.

Thanks for your updated posts!