As expected by the high Pending numbers in March, the April 2008 number of home sold increased to 5,585.  That's quite a jump from 4,335 sales in March and 4,855 last year in April.  There may be something wrong with the 5,585 number provided by ASU Polytchnic.  It's bit high,  Its higher then the ARMLS numbers and its usually the other way around. 

Despite the increase in sales by 15% the median home price declined again to $210,000 from $220,000 last month and $265,000 last year.  But, please don't read too much into the median home price because its skewed by the large amount of good deals people are picking up in the form of lender owned / foreclosure homes and short sales. 

Prices have become more affordable.  Just look below at the median home prices in some of the cities.  Phoenix median home price at $178,000, Glendale and Mesa are also below the $200,000 median home price mark and even the more in demand cities have declined to more affordable levels.

The more important sign of a stabilizing market is the large amount of homes sold then the median home price; about 10% of current inventory sold in April.   

	Median Sale Price	Median Sale Price
	April'07	April'08
VALLEY	$     265,000	$       210,000
Phoenix	$     225,000	$       178,000
Scottsdale	$     557,000	$       506,500
Glendale	$     245,000	$       189,000
Mesa	$     234,510	$       196,250
Tempe	$     285,000	$       248,500
Gilbert	$     295,195	$       240,065
Chandler	$     297,950	$       236,780
El Mirage	$     199,000	$       140,170
Peoria	$     257,915	$       224,000
Sun City	$     210,000	$       176,500
Surprise	$     246,060	$       200,250
Avondale	$     233,980	$       176,000
Goodyear	$     265,000	$       219,900
Paradise Valley	$1,950,000	$1,375,000

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