Phoenix Home Prices Up Last Month Despite Higher Number of Foreclosures

The median home price rebounded slightly over April. The number of homes sold also increases to 8,690 from 8.156. The median sales price came in at $130,000, representing a 3% increase. The majority of activity is still happening in the lower end of pricing, however, the activity is starting to move up the pricing chain into "move-up" homes as well, homes in the $250,000 plus range.

Another interesting fact, the percentage of home sales that were foreclosed homes DROPPED last month from 68% to 57%. That being said there were still an increase in the number of foreclosed homes in April, 3809 vs 3103 last month.

Notices of trustee's sale, which is a notification that the property is 90 days out from being foreclosed, were down, 8600 vs 9100.