Frenzied Pace of Phoenix Real Estate Market Slowing

Market watchers claim that the "frenzied pace" at which Phoenix real estate sold throughout the beginning of 2005 is finally cooling, even though median prices remain high.

The median price of residential Phoenix real estate has remained approximately 48 percent higher than a year ago, but between July and August median prices only increased by 2 percent.

More residential Phoenix real estate is currently being listed for sale, and it is taking longer to sell. "Greedy sellers are lowering prices and investors seem to be losing interest."

Even with the slowing Phoenix real estate market, condos remain very hot, "as they offer one of the few remaining affordable alternatives." Their values continue to increase, jumping 86 percent in August compared to august 2005. However, condo sales are minor compared to the sales of other residential Phoenix real estate. "Only 1,975 changed hands throughout the Phoenix area in August, compared with 10,700 single-family homes."