A number of recent reports suggest home prices across the country could be headed for a double-dip. But ASU professor Karl Guntermann offers some good news in the meantime for owners of higher-priced homes in metro Phoenix.
His most recent report also marks a positive milestone for all local homeowners.
The Arizona State University Repeat Sales Index, an indicator of the Phoenix-area market's economic health that is tied closely to year-over-year changes in home price, has been showing continued steady price declines in the past year for homes above the average same-home sale price, which in April was $135,000.
That decline has begun to taper off, with high-end homes showing clear signs of stabilization, he said.
The index for overall home sales clocked in at 1 point in April, according to preliminary data from Guntermann, of ASU's W.P. Carey School of Business.
That's a positive 1 point, after three years of stubborn refusal to emerge from negative territory.
Guntermann said there's a good chance the index will remain on the upside of zero into the foreseeable future.
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