Earlier this week, the Phoenix Business Journal reported: 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. ASU’S W.P. Carey School of Business reported the median price for Phoenix area homes in August 2008 was $193,550.
Reporter Mike Sunnucks goes on to state that in March, foreclosures made up 38 percent of the 11,000 existing home transactions and sales. That compares to foreclosures accounting for 43 percent of total existing sales the previous two months. There were 4,100 foreclosures this March compared to 4,400 a year ago.
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