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Mainstream Media Myopia: Double Dip is Hitting Phoenix Home Prices

- At the end of November, Phoenix's median resale-home price hit $121,500, the lowest it has been since April 2009. The median price measures single-family home sales as well as condominiums. A median price below $119,900, the previous low, would constitute what observers call a double dip, and some measures of home prices signal that is already here: - The Arizona Regional Multiple Listing Service, a database run for real-estate agents showing homes for sale and the prices they sell for, analyzes pending purchase agreements scheduled to close in a given month and creates an index predicting future sales prices. That index shows the median home price falling to $115,000 in December.

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