Here’s a hoot. Read these two articles and you will see why so many people are confused about the market right now.

The Phoenix Business Journal from Tuesday, April 19th:

This article is telling us that home prices have dropped again. “The median sales price for existing homes in the Phoenix area was down to $125,000 in March, according to new Arizona State University numbers.”

“ASU economist and real estate professor Jay Butler reports March’s existing home price was down from $127,500 in February and $142,500 in March 2010.”

The Arizona Republic from Tuesday, April 19th:

This article is telling us that home prices have remained stable. “The median price of resales in metro Phoenix has held steady at $115,000 since December.”

Luckily both articles tell us that the number of foreclosures are down

Business Journal: “There were 4,100 foreclosures this March compared to 4,400 a year ago.”

Arizona Republic: “Although foreclosures continue to drive the market, signs indicate those could soon start to decline.”

What do we take from this? I’d say you need to buy based on your needs, not on thinking of the real estate market like a stock market. We are still at all-time low prices, but they are climbing. We are still at all-time low interest rates, but they are climbing.

Let me know if I can help. 602-456-9388