While the numbers are still pretty bleak for Phoenix home prices, experts say the Valley market has been resilient.
That's on the heels of the Valley dipping into negative home price growth territory in February for the first time since the Great Recession, showing a 2.1% slide in year-over-year home price growth, according to the S&P Case-Shiller report released in April.
Still, real estate experts told the Business Journal that despite the slide in March, a lot has happened in the Phoenix metro in the past two months. Steven Hensley, advisory manager for Zonda housing research firm, said he's seeing a resiliency in the housing market this spring. "While sales volumes for new and resale homes are lower than a year ago, home prices have modestly increased this spring," Hensley said.
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