Expert says Phoenix home prices becoming more normal
"The median single family sales price is $195,000. This is the lowest since August of last year," said Dean Wegner. "In fact, home prices have slowly been going down every month this year."
But that's not a bad thing.
"Last year we saw double digit appreciation, and that's unsustainable," Wegner said.
He said that the real estate industry appreciates the market that we're in right now.
"It's what we would call normal," Wegner said. "People are level-headed. Sellers are reasonable. Buyers are consistent. People are asking normal prices. Sellers are selling normally. It's really actually a very nice, kind real estate market right now."
Wegner says if the real estate market stays where it is now for the next two to seven years, everyone would be quite happy with the real estate market in Phoenix.
Wegner said he believes that if prices are "anything more than this, you're going to see appreciation. Anything going further down from here, you're going to see upside down, you're going to see short sales again, and you're going to see foreclosures."
Bob McClay, Reporter