by Kerry Fehr-Snyder - Dec. 2, 2008 12:17 PM
The Arizona Republic
Home prices in the Southeast Valley fell at double-digit rates in August but didn't fall as far as some of the other regions of the Valley, according to a report released Tuesday by Arizona State University.
Only one of five regions, the Northeast Valley, fared better than the Southeast area, the Repeat Sales Index Report by real estate professor Karl Guntermann found. The Southeast region includes Apache Junction, Chandler, Gilbert, Higley, Mesa, Queen Creek, Sun Lakes and Tempe.
The Northeast region fell by 16.4 percent in August compared with the same month a year ago. The Southeast region declined by 24.8 percent, the Central region by 28.4 percent, the Northwest by 30.4 percent and the Southwest by 37.2 percent.
The report looked more closely at three Southeast Valley cities:
• Mesa dropped 26.7 percent.
• Chandler fell 21.4 percent.
• Tempe dipped 14.6 percent.
The August decline marked the 18th month in a row of falling home prices, breaking the previous 17-month record during the last real estate downturn from1989 to 1991.
The good news, Guntermann said, is that the double-digit rates of decline that began in March 2008 appear to be leveling off. But he also predicted several more months of falling prices.
The ASU-RSI relies on repeat sales data for the same house and is considered a more reliable measure than using the median home price for an area. The report contains a three-month lag because the data often changes over time.
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