Is the market settling?

The first article, Home resale market up last month in Valley but off from a year ago, from the Arizona Republic, reports that there were 4,985 resales in October in the Valley, up slightly from 4,875 the previous month but down nearly 41 percent from October last year, according to the Arizona Real Estate Center at ASU. The median price stayed flat, rising to $257,000, up from $256,900 in September. At $257,000, the new median resale price is just 1 percent lower than in October of last year. Jay Butler, head of the real estate center, said the market is struggling to shake a hangover from last year, trying to find its footing at a more reasonable pace.

Home resale market up last month in Valley but off from a year ago
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The second article, Median home price down in Scottsdale, from the Arizona Republic, reports that Scottsdale's median home price fell in October to $548,500, down 2 percent from a year ago and down 5 percent from September, according to the Arizona Real Estate Center at ASU. Sales of existing homes picked up a healthy 23 percent from September to October, but were off 27 percent from a year earlier when 575 homes were sold. The median price of an existing home in south Scottsdale was $300,000 in October, down $20,000 from September and down $10,000 from a year earlier. North Scottsdale's median price in October was $635,000, a decline of $43,000 from September and off $20,000 from a year earlier. Paradise Valley's median price was at $1.74 million, up 4 percent from a year earlier.

Median home price down in Scottsdale, from the Arizona Republic
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