The following is an excerpt from the Arizona State University School of Real Estate for an insight into market conditions in the Phoenix metro area I thought you might find interesting.

The latest data through October 2007 reveal a continuation of earlier trends of house price declines compared to October 2006 for the overall Phoenix metro area. On a moving twelve month basis, price changes became negative in March 2007.

However, there are considerable variations in both the rates of decline and the total decline in house prices across regions and cities.

House prices in the Northeast region have held up well relative to other parts of the metro area although the annual change from October 2006 to October 2007 has again turned slightly negative. The total decline in prices in the Northeast since
the October 2006 peak is slightly over 1.0 percent. In contrast to the Central and Northeast regions, which have low rates of decline and small total declines from their peaks, the rates of price decline in the Southeast, Northwest and Southwest regions continued to accelerate slightly in October 2007.

The decline in the Southwest reached -11.1 percent while the Southeast and Northwest regions declined at approximately 8.0 and 9.0 percent annual rates respectively.

CITIES INCLUDED IN REGIONS

NORTHEAST
CAREFREE
CAVE CREEK
FOUNTAIN HILLS
PARADISE
VALLEY
SCOTTSDALE

NORTHWEST
EL MIRAGE
GLENDALE
PEORIA
SUN CITY
SUN CITY WEST
SURPRISE
YOUNGTOWN

CENTRAL
PHOENIX

SOUTHEAST
BUCKEYE
GOODYEAR
LITCHFIELD PARK


SOUTHWEST
APACHE JUNCTION
CHANDLER
GILBERT
HIGLEY
MESA
QUEEN CREEK
TEMPE
www.premierAZhomes.com