Catherine Reagor and Ryan KonigThe Arizona Republic
Mar. 15, 2008 06:16 PM
The housing market's troubles are showing up in many neighborhood home prices, but not all.
The north-central Phoenix neighborhood ZIP code 85021, peppered with historic homes, posted a 16 percent increase in its median price during 2007.
• Condominium prices in the west Phoenix ZIP code 85037, which is at the junction of the Loop 101 and Interstate 10, climbed 21 percent. This area is also south of Glendale's sports stadium hub and the new Westgate shopping center.
• The central Ahwatukee ZIP code 85042 saw home prices climb 9 percent.
• None of the ZIP codes in Tempe, surrounded by other communities, fell by double digits. The median condo price in ZIP code 85281 climbed almost 11 percent.
• The median home price in the Mesa ZIP code 85207 climbed 17.7 percent, to $365,000.
• The median price in north Scottsdale's 85262 ZIP code, home to high-end golf developments, increased almost 7 percent, to $1.1 million.
"The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor. "This slowdown ends when housing prices stabilize."
The north-central Phoenix neighborhood ZIP code 85021, peppered with historic homes, posted a 16 percent increase in its median price during 2007.
• Condominium prices in the west Phoenix ZIP code 85037, which is at the junction of the Loop 101 and Interstate 10, climbed 21 percent. This area is also south of Glendale's sports stadium hub and the new Westgate shopping center.
• The central Ahwatukee ZIP code 85042 saw home prices climb 9 percent.
• None of the ZIP codes in Tempe, surrounded by other communities, fell by double digits. The median condo price in ZIP code 85281 climbed almost 11 percent.
• The median home price in the Mesa ZIP code 85207 climbed 17.7 percent, to $365,000.
• The median price in north Scottsdale's 85262 ZIP code, home to high-end golf developments, increased almost 7 percent, to $1.1 million.
"The bottom of the housing market may occur in 2008 or 2009, but a full recovery will probably take three to five years," said Elliott Pollack, an Arizona economist and real-estate investor. "This slowdown ends when housing prices stabilize."
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