1^st Issue of May 2009

Resale Sales Pricing Analysis

The Median Price in the recently-released March ARMLS¹ resale sales reports is $119,900, a decrease of $5,100 from the February reports. The Average Price dropped from $172,400 to $168,300. The graph below displays both the monthly Average Price and Median Price of resale homes sold in MLS from January 2002 through March 2009.

The average price is calculated by dividing the sum of the sales prices by the number of homes sold. The median price is determined by finding the price where the quantity of homes sold for less than that price is equal to the quantity of homes sold for more than that price. The median is a better indicator of the overall market.

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¹ The Arizona Regional Multiple Listing Service encompasses most of Maricopa and Pinal Counties.