As the nation’s housing market prices recover to pre-recession levels, homes in the Arizona market are still on average worth 16 percent lower than they were almost 12 years ago.
Those findings come from a report by CoreLogic looking at state by state and national market recovery.
Tina Tamboer, an analyst for the Cromford Report, said current Arizona market conditions are favorable and nothing to worry about..
U.S. housing prices are 1 percent above the 2006 peak.
Arizona has seen a 70 percent increase from its trough point but, the market is still 16 percent lower than its peak prices.
She said most Phoenix-area markets are currently around 20 percent below peak prices.
She said locally, median house prices at the end of last year were around $245,000.
She added these are likely to be competitive and get several offers.
For buyers with prices rising she cautioned that holding off will likely lead to getting a smaller house for your money.
Each year a buyer holds off with current rates they could be losing 50 square feet for the same price.