Is Arizona Housing Market Bouncing Back?

Arizona Real EstateIt’s only one report. But it could be that the worst of Arizona’s housing market is now behind us. New figures Thursday from the Federal Housing Finance Agency show the price of homes in Arizona actually rose more than 4 percent in the last quarter of 2011. By contrast, the national figure was still one-tenth of a point in the red.

Even looking at a broader index that measures home values — one that also takes into account appraisals done to refinance homes as well as sales prices — Arizona is still in positive territory, versus a 0.8 percent drop nationwide.

Still, the state has a long way to go to dig out of the hole. One quarter of positive numbers does not erase even the losses of the past year. Overall home prices at the end of last year in Arizona were still 2.4 percent below where they were the same time a year earlier.

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