Steady Climb for Phoenix Area Home Prices in 2004
Both new and resale home prices in the Greater Phoenix area increased steadily during 2004 according to data released yesterday by ASU's Arizona Real Estate Center.
The median price for resale homes climbed from $155,000 in 2003 to $174,815 in 2004, an increase of 12.8 percent. Between January and December, 2004, these prices rose from $156,000 to $190,000.
Median prices for new homes increased by 12.6 percent, from $173,240 in 2003 to $195,000 in 2004. These costs went up from $178,110 to $211,640 during the 12-month January to December, 2004 period.
Valleywide, new homes and resales were most affordable in the nearby communities of Chandler, Gilbert, Avondale, Goodyear and Surprise.
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