Sat, Jul 04, 2009
 The Arizona sun rises near Interstate 10 and Casa Grande. Median home prices in the Phoenix market, which includes Pinal County, have fallen to nearly $200,000 Arizona Daily Star file photo
RANCHO RESORT MAINTANANCE POSITION General A1 Communications Cable Techs Health Care Sierra Tucson Eating Disorders Program Coordinator BusinessMedian home prices in Phoenix fall to near Tucson level: $200,000East Valley Tribune
Tucson, Arizona | Published: 08.20.2008
A high concentration of foreclosures continued to pull home prices down last month across the Phoenix area's existing home market, according to the latest Arizona State University report.
For the traditional market, the median price was $200,750, while the foreclosed properties had a median price of $159,205. That compares to $218,000 and $169,890 last month, and $270,000 and $220,075 for July 2007.
Foreclosure activity represented 42 percent, or 3,470, of the 8,165 transactions that took place last month. Foreclosed transactions are homeowners that lose their property to successful individual bidders or the lender of record.
“The lower median price is being impacted by several forces including the large number of vacant homes, especially in certain neighborhoods,” said Jay Butler, director of realty studies at ASU’s Morrison School of Management and Agribusiness at the Polytechnic campus. “Further, the capital is available for lower-priced housing, but lacking in the higher-priced housing market.”
The 2008 total resales include 25,755 traditional sales and 18,060 foreclosures.
The median, or middle, price for homes sold in Tucson has stayed put at around $200,000 for most of 2008. July's median price was $199,900.
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