Bob Stahl, our local market expert for the greater Phoenix area, reports home prices are way down.

The average home price in the area is $230,000, which is $2,000 below last December's average and $30,000 below the average for all of 2007.

It's not all bad news though, Stahl says, as those homes in mature neighborhoods and other prime locations have seen prices stabilize or even increase.

So what does the future hold?

Stahl thinks prices are close to bottoming out, and though the market isn't quite rebounding, it's close.

For now, the bright spots in this market are those old, higher-end neighborhoods, like North Scottsdale, where home prices have actually seen an increase.

If you're not in one of those areas, or don't have a pressing need to move, Stahl recommends staying put for now and waiting for the market to turn around.

For more information on this area, contact Bob Stahl at:
http://www.MyPhoenixMLS.com.

Published: March 11, 2008

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