The so called ‘housing bubble’ has been deflated to reflect a housing boom that never did happen between 2003 and 2006. If you follow the graph below, you will see that today’s prices reflect home values in the second quarter of 2003.
Also, it looks like that the peak of the Phoenix housing market occured in the second quarter of 2006 with the median home price of $265,000. That’s a 40% drop in housing prices! It’s great news for Phoenix area home buyers.
