{"id":324,"date":"2006-09-12T06:43:31","date_gmt":"2006-09-12T13:43:31","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=324"},"modified":"2006-09-12T06:43:34","modified_gmt":"2006-09-12T13:43:34","slug":"republic-year-over-year-median-prices-down-in-some-areas","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/324\/republic-year-over-year-median-prices-down-in-some-areas\/","title":{"rendered":"Republic: Year-over-year median prices down in some areas . . ."},"content":{"rendered":"

Here’s the Republic<\/i>‘s read on yesterday’s housing numbers<\/a>, a much more dire interpretation:<\/p>\n

Valley home prices dipped again in August, even falling below last year’s levels in some areas.<\/p>\n

It is the first time since the Valley’s housing market turned red-hot in late 2004 that the monthly median price of existing homes in some areas is lower than it was the same month the year before, according to the Arizona Real Estate Center at Arizona State University Polytechnic. And if the August median price of $262,500 holds steady or declines this month, the region’s median price will be below the September 2005 price of $263,000.<\/p>\n

Jim Rounds, a senior economist with the Scottsdale-based consulting firm Elliott D. Pollack & Cos., said price declines in many parts of metropolitan Phoenix are just beginning and could continue until early 2007.<\/p>\n

Also, he said, “new-home price reductions are right around the corner” for the Valley as the housing market’s oversupply issue is corrected.<\/p><\/blockquote>\n

This much is interesting:<\/p>\n

For the first eight months of 2006, there were 47,515 used-home sales Valley-wide, which isn’t close to the 78,935 recorded in 2005.<\/p>\n

Last year isn’t a perfect comparison because of the investor-buyer frenzy that has left the housing market with a hangover this year, but home sales this year have also fallen below 2004’s more normal level of 68,020. They are closer to 2003’s pace, when 47,255 used homes changed hands.<\/p><\/blockquote>\n

The boom in Phoenix real estate started in March 2004 if not earlier, so 2003 is the last normal year for comparison purposes. In other words, the Phoenix market is essentially normal on the buyer’s side.<\/p>\n

We have a surfeit of inventory on the seller’s side, but we don’t have is the kind of fire-sale pricing you would expect if most of those sellers were actually motivated<\/i> to sell — as opposed to being interested<\/i> in selling if the price is right.<\/p>\n

The interesting — and possibly dispositive — question is whether new-home builders actually will cut prices. They’re discounting heavily against list prices for inventory homes right now, but that’s a matter of clearing a finite amount of standing inventory. If pre-built homes are selling Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Here’s the Republic‘s read on yesterday’s housing numbers, a much more dire interpretation: Valley home prices dipped again in August, even falling below last year’s levels in some areas. It is the first time since the Valley’s housing market turned red-hot in late 2004 that the monthly median price of existing homes in some areas […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,5],"tags":[],"class_list":["post-324","post","type-post","status-publish","format-standard","hentry","category-marketing","category-real-estate","no-featured-image"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1136,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1136\/were-not-mensa-members-but-real-estate-is-a-dream-job\/","url_meta":{"origin":324,"position":0},"title":"We’re not MENSA members – but real estate is a dream job","author":"Russell Shaw","date":"March 11, 2007","format":false,"excerpt":"The following was on the front page, just under the masthead of Sunday's Arizona Republic: Home Values rise despite slowdown Despite falling prices by year's end, leftover momentum from the Valley's housing boom pushed 2006 values above the previous year's values in almost every city. Median price increases in Maricopa\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"Not MENSA","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2007\/03\/Not%20MENSA1.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/622\/phoenix-area-single-family-homes-down-one-percent-from-october-2005\/","url_meta":{"origin":324,"position":1},"title":"Phoenix-area single-family homes down one percent from October 2005?","author":"Greg Swann","date":"November 9, 2006","format":false,"excerpt":"ASU's Dr. Jay Butler's housing numbers for October 2006 have been released:The Valley's single-family home-resale market clicked higher in October though sales are well off from last year's frenzy. There were 4,985 sales in October, up slightly from 4,875 the previous month but down nearly 41 percent from October of\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14590,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/14590\/more-thrilling-real-estate-math-from-the-national-association-of-realtors-how-much-did-first-time-home-buyers-benefit-from-their-8000-tax-funded-subsidy-can-you-count-to-negative-15000\/","url_meta":{"origin":324,"position":2},"title":"More thrilling real estate math from the National Association of Realtors: How much did first-time home-buyers benefit from their $8,000 tax-funded subsidy? Can you count to negative $15,000?","author":"Greg Swann","date":"May 11, 2011","format":false,"excerpt":"You read that right. On average, recipients of the $8,000 federal housing subsidy lost $15,000 on the homes they purchased using the subsidy as their incentive. From SmartMoney.com:The government's recent $8,000 cash incentive for first-time home buyers has proved even more costly for recipients than for taxpayers, according to data\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/59\/another-news-drought\/","url_meta":{"origin":324,"position":3},"title":"Another news drought?","author":"Odysseus","date":"March 19, 2006","format":false,"excerpt":"Catherine Reagor in the Arizona Republic asks, \"Another price dip?\":Valley resales figures for February are due out this week. And early analysis from Arizona State University's Real Estate Center shows the median price might have dipped slightly again. In January the median price of all resales was $257,000. They hit\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":199,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/199\/butler-prices-down-sales-up-logic-sideways\/","url_meta":{"origin":324,"position":4},"title":"Butler: Prices down, sales up, logic sideways . . .","author":"Greg Swann","date":"August 11, 2006","format":false,"excerpt":"Catherine Reagor in today's Republic:Home prices dipped slightly in July, but sales inched up from June. The median home price of a used Valley home fell to $264,900 last month, after climbing to a record $267,000 in June. There were 5,545 resales in July, compared with 5,460 the month before,\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":302,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/302\/august-2006-market-basket-of-homes-values-up-25-on-stronger-sales\/","url_meta":{"origin":324,"position":5},"title":"August 2006 Market-Basket of Homes: Values up .25% on stronger sales . . .","author":"Greg Swann","date":"September 8, 2006","format":false,"excerpt":"Is the Metropolitan Phoenix real estate market starting to recover? Too soon to say, but prices edged up slightly on sales that were stronger -- even if they are still slow -- in the August edition of the BloodhoundRealty.com Market-Basket of Homes. Average prices for Market Basket homes in August\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=324"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/324\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}