The Arizona Republic reports that there are more Northeast Phoenix home sales, but the prices remain low. Northeast Phoenix was one of the last areas in Arizona to feel the effects of the housing meltdown. Will it possibly be the first to feel a recovery?
Early 2009 was the lowest point of the market, according to the Repeat Sales Index compiled at Arizona State University. It compares values of the same home through repeated sales.
Compiled by real-estate Professor Karl Guntermann, it shows prices are still down, but the rate of decline is slowing month-to-month.
There are five zip codes in Northeast Phoenix, all of which have seen more sales, but some prices remain as low as they were a year ago.
The breakdown per zip code is as follows:
85028 – This area is home to many multi-million dollar golf course homes but also 
middle-class neighborhoods as well near the Dreamy Draw Mountain Pass. Since January 1, this area has seen an increase in median-home pricing compared to the same time last year. Out of the 20 weeks of market information, 14 weeks have shown an increase in median pricing and 17 of them have shown an increase in sales.
85032 – This is a mostly middle-class area with some lower-income housing developments and some higher-priced housing areas. Since January 1, this area has aso seen a rise in median home pricing (15/20 weeks have shown an increase).
85050 – This area is west of Desert Ridge. Compared with figures a year ago, prices have
only risen 2/20 weeks here. Most of this is due to the vast amount of vacant land in the area and a lack of new home production.
85254 – This area runs from Tatum to Scottsdale and Tatum to the Central Arizona Project canal. There are a wide range of golf course homes, horse properties, and single family residences. Compared to last year, the median price has only been up 3/20 weeks here.
If you’re thinking of purchasing a home in one of these areas, now is the time to buy.
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