Single Family Home median prices in Greater Phoenix for August 2007  compared to August 2006 and percent changes.

	Median Sale Price	Median Sale Price	% Change
	Aug. '06	Aug. '07
VALLEY	$ 262,500	$ 255,000	-2.90%
Phoenix	$ 224,000	$ 220,000	-1.79%
Scottsdale	$ 598,500	$ 559,375	-6.50%
Glendale	$ 255,000	$ 240,750	-5.59%
Mesa	$ 240,000	$ 237,000	-1.25%
Tempe	$ 299,950	$ 270,000	-10.00%
Gilbert	$ 320,000	$ 300,000	-6.25%
Chandler	$ 308,000	$ 282,800	-8.18%
El Mirage	$ 212,750	$ 185,000	-13.00%
Peoria	$ 270,000	$ 257,500	-4.63%
Sun City	$ 200,000	$ 175,000	-12.50%
Surprise	$ 250,000	$ 232,500	-7.00%
Avondale	$ 254,325	$ 223,275	-12.21%
Goodyear	$ 280,000	$ 272,000	-2.86%
Paradise V.	$1,675,000	$1,950,000	16.42%

Source: ASU Realty Studies, graphed by Artur Ciesielski

August was a slow month as it usually is for many reasons.  4,240 resale sales which is 2% lower compared to July (4,330) homes and 25% lower compared to the same period in 2006.   Year to date 37,750 homes sold.  This is 20% lower compared to year to date sales in 2006 and 52% lower compared to the peak crazy 2005 year (78,935). 

I'm going to face the music and admit that the real estate market stinks.  It is precisely because it stinks that for those that can take the pressure of buying in a downmarket (which most of us can't take) will reap the benefits of buying low.

Inventories keep hitting new highs, access to loans is bad and many sellers can't come to grips with the realities, though many are coming around to it. 

The median home price in Phoenix Metro decreased by 3% while Phoenix decreased by 1.8%.  All cities in the Phoenix valley experienced decreases.  The hardest hit are cities in the outlying areas where resale home still have to compete with new home builders.  El Mirage, Surprise, Avondale, Chandler all had big changes downward in median price.  Even some of the inner cities like Tempe (-10%) and Scottsdale (-6.5%) had large decreases, though South Scottsdale drew down the total Scottsdale median price, North Scottsdale had a slight 2% increase.  Paradise Valley median price was over 16% higher over last year, but as silly as looking at median prices is, looking at median prices for Paradise Valley is downright mad, because it's such a unique city. 

Real estate is a long term proposition.