Metro Phoenix's median price for an existing home fell in December to $115,000 - comparable to the median home price in 1999.
The dip is a new low for the region's housing market since the boom ended. The previous low was $119,900 in April 2009, according to real-estate analyst Information Market. The Pending Price Index from the Arizona Regional Multiple Listing Service projects the Phoenix's median home price to be $115,000 in January and $112,000 in February.
Investors continue to purchase metro Phoenix land to prepare for the home-building market's recovery.
Last week, Scottsdale-based Harvard Investments paid $30.7 million for 13,009 acres in Pinal County's Bella Vista development. The real-estate firm plans to resell the land to home builders.
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