Phoenix Real Estate Market Saw the Bottom in March through May 2009

The Phoenix real estate market has clearly experienced a bottom as seen in average home prices, median home prices, and other indicators.  Indeed, home buyers who purchased homes during this period appear to have captured the best values to date since the downturn began nearly 3 ½ years ago. 

The Phoenix Real Estate Market Bottom By the Numbers

From the perspective of average home prices for sold properties in the Phoenix area, April 6th and again, April 25th represent the low points.  The average sold home price for these periods was $155,789 and $155,900, respectively.  These average sold values are lower than any year since 2002.  Since April, the trend has seen upward movement resulting in a current average home price of $169,668.