Home prices in the Phoenix metro area are declining at more modest rates than they did in 2009. If the trend continues, prices might stop falling and level off. That’s the assessment of the Arizona State University - Repeat Sales Index, which compares changes in average home prices from year to year.
However, home prices are still dropping to some degree, according to ASU. The year-to-year declines have been going on for a record 32 consecutive months. Home prices peaked in mid-2006.
Of course, this is good news but is all depending on the economy and job market. If employment continues to slide then home values could continue to decline.