The Arizona Republic
May. 17, 2007 12:34 PM
Metropolitan Phoenix home prices have dipped 2.2 percent in the past year, compared to a 1.8 percent drop nationally.
The Valley isn’t alone that decline. The National Association of Realtors new figures how 62 metro areas across the country saw home prices fall between the first quarters of 2006 and 2007.
Realtors Senior Economist Lawrence Yun said the housing market could start to recover in the second half of this year.
Elmira, N.Y., experienced the biggest plummet with a 14.9 percent fall in home prices. Sarasota, Fla., was second with a 12 percent drop. New Orleans was third with 10.9 percent.
Cumberland, Md., had a 17.1 percent increase in home prices, the highest in the nation. Biloxi, Miss., was next with a 15.7 percent jump, and Salem, Ore. was third with a 15.6 percent climb.
Nationally, the median home prices fell from $216,100 to $212,300 during the past year. In metro Phoenix, the median home price dipped from $268,300 to $262,500.
Two years ago, the Valley led the nation with a 50 percent jump in home prices. Other parts of the country that also led the nation in home gains like Sarasota are seeing big price drops now.