This is one of the more significant price drops in the Valley this year. Tempe has been known for its price stability because it is landlocked and close to ASU. However, no city is immune from the sting of foreclosure type sales.
The chart would be read this way: There were 656 homes for sale in October of 2008. 74 homes sold, or 11.3 % of all homes for sale; this creates an 8.9 months supply of homes on the market. The average home that sold was 1852 sq ft and sold for $249,780; this equals $135 per square foot.
Source: Arizona regional multiple listing service November 2008
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