Last month I commented on a graph showing an apparently improving trend in Tempe home value appreciation based on price per square foot. Unfortunately, the August update shows a significant downward movement going from essentially flat appreciation to -13% (click chart for larger image):
A recent Arizona Republic article highlights the near term negative outlook:
Home prices in metro Phoenix are falling again, and new data about upcoming sales suggest that they are likely to keep falling over the next few months, bringing concerns of a housing-market “double dip” closer to reality.
Those considering a purchase soon should keep close watch on pricing trends where you are looking to buy. An agent on your side can help you gather and sort through the data for the local market so you can make an informed decision.
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{ 2 comments… read them below or add one }
The more the media reports bad news about Tempe’s or any of the Valley’s real estate prices falling more, the more people such as ourselves think about just walking away from our home. We can afford our mortgage payments, but why bother if there is not hope of an improving market. Such reporting by the media is counterproductive. In fact, it make us wonder who owns the media and what is there incentive for causing the market to fall further. Perhaps because I have a Master’s degree in rhetoric, I am more suspicious than the average person may be.
Mary Ellen, I understand your frustration. I agree such reporting does not instill confidence in real estate. However, I don’t think the media is intentionally trying to drive down prices. The issues with declining home values are of major concern to many, so of course the media reports on any apparently significantly related events. Unfortunately, the housing sales data does indicate a near term downward movement in values. Hopefully the economy will improve over the next year with a corresponding improvement in home values.