The latest realty studies report for the Phoenix resale home market showed that the typical fall downturn began as expected in August. The 8,790 sales recorded were a decline from the 10,860 recorded at the peak in March, but this August was slow even compared to August 2009.

Home prices in Phoenix have been on a welcome upswing for several months, but preliminary data for July shows no change from last July, according the W. P. Carey School's Karl Guntermann, who calculates the ASU-Repeat Sales Index (ASU-RSI).

High foreclosure rates and negative equity continue to haunt real estate markets across the nation. In fact, a new report states that about 20 percent of mortgages nationally are under water.

The small increases in Phoenix housing prices that began this spring will likely continue for only a month or two longer, then flatten out for "an extended period," said Karl Guntermann, a professor of real estate who calculates the ASU-Repeat Sales Index (ASU-RSI) at the W. P. Carey Sc

Although the number of Valley home resales for June has improved over May, there's no doubt the market remains on shaky ground.

Big picture, the Phoenix housing market showed gradual improvement overall through May, but zooming in on the various segments the picture changes, as some are still declining while others are improving — but only slowly.

The Phoenix resale market slowed a bit in May when compared to April, possibly because activity spiked last month as the federal first-time home buyer program came to a close, according to Jay Butler, associate professor of real estate and author of the monthly Realty Studies Report from the W.&n

The Phoenix housing market appears to be stabilizing as preliminary data for April shows a 1 percent year-over-year price increase for the first time in almost three years, according to the ASU-RSI (Repeat Sales Index).

The median price for resale homes in the Phoenix area has been edging up for several months. Does this signal that the market is approaching normalcy?

The resale season starts in March with an upswing in real estate transactions, but last month's numbers were much higher than might be expected if this were a "normal" year.