Sales in Greater Phoenix continue to be lower then previous years.  4,335 home sold in March 2008 and the median home price was $220,000, the same as February but 17% lower then the $265,470 last year. As bleak as the numbers look,... 

	Median Sale Price	Median Sale Price	% Change
	Mar'07	Mar'08	%
VALLEY	$ 265,470	$ 220,000	-17.0%
Phoenix	$ 228,000	$ 185,455	-19.0%
Scottsdale	$ 635,000	$ 525,000	-17.0%
Glendale	$ 248,250	$ 209,750	-16.0%
Mesa	$ 242,700	$ 200,000	-18.0%
Tempe	$ 278,750	$ 237,000	-15.0%
Gilbert	$ 295,500	$ 245,000	-17.0%
Chandler	$ 293,850	$ 234,000	-20.0%
El Mirage	$ 213,750	$ 146,900	-31.0%
Peoria	$ 270,000	$ 235,900	-13.0%
Sun City	$ 200,000	$ 182,500	-9.0%
Surprise	$ 241,500	$ 205,000	-15.0%
Avondale	$ 232,280	$ 185,130	-5.0%
Goodyear	$ 255,000	$ 220,000	-14.0%
Paradise V.		$1,750,000

...the good news is that homes are now affordable.  Just look at Phoenix median home prices at $185,000.  That is quite affordable, much more so than $228,000 last year. In fact there has been a large upsurge in sales below $200,000 which will spur move up buyers.

It's not all good yet but its not as bad as it seems.  It looks like were near or at the bottom.  This month's sale (April) will reveal more once we finish it up as this is a crucial month.  Stay tuned next month.