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Comment about:  Greater Phoenix Real Estate Market Forecast for 2008
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April 25, 2008

Phoenix 2008 real estate forecast update.

What has changed in the outlook
The first quarter of 2008 is over and sales of homes were down from 2007. The good news that sales are up from February and it looks like they will be up in April. 

This is a good sign and may indicate that we are at the bottom of the current real estate cycle, but the bottom may last for a while especially with the current inflation pressures and the slowing global economy and the weak dollar. 

In March the median home price in the city of Phoenix was below $190,000 and the median home price for Maricopa county was $220,000 these are definitely more manageable numbers and make homes more affordable.  There is still a lack of financing options making it difficult to for people to buy the homes but many are buying.

It's not as bad as it seems but the future is still uncertain; we may have some additional declines before we have appreciation.  However, real estate is local and even certain neighborhoods in Greater Phoenix perform better then others.  There are neighborhoods where prices have gone up over 2007. 
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by Artur Ciesielski, CCIM | ↑top | link to this#
by The Artur and Joanna Real Estate Team
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