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Home Prices Down in Arizona

Home prices in Arizona slid another 2.5 percent in the past quarter, faster than the national average. New figures from the Federal Housing Finance Agency also show that prices of homes sold in Arizona are down more than 9.3 percent from the same period a year earlier. That compares with a 3.2 percent drop nationwide. Only two states had a more rapid year-over-year decline: Idaho and Georgia. The inability to turn the trend around means a home that was valued five years ago at $200,000 is now worth close to 36 percent less, or $128,560. That compares with an 8.4 percent decline over the same period nationally. In general, prices appear to be dropping more rapidly in rural areas of the state.

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