Phoenix among worst real estate markets
Aug 10, 2012, 3:56 PM | Updated: 3:56 pm
Phoenix may be doing fine when it comes to home prices, but it seems like the Valley’s real estate market still has a long way to go.
According to the Business Insider, the Phoenix housing market is only expected to grow less than one percent from 2011 to 2012.
The Valley’s current median home price is $144,000, 52.7 percent off their 2006 peak.
The report also said that Phoenix’s 7.2 percent unemployment rate and sub-$60,000 annual average income is a detriment to the housing market.
The worst housing market in the nation is Miami, which had negative growth from 2011 to 2012.
