Is Central Arizona's Sky Falling?

Or are there too many people simply saying so without looking at the facts???

Sales of existing homes in the Valley fell in May to the lowest levels since 2003, but prices held steady.

There were 6,870 resales in the Valley in May, down 34 percent from the 10,425 that were recorded in May 2005.

However last year was a hyper-market and the numbers now reflect a more sustainable market, according to Jay Butler at the ASU Real Estate Center at ASU.

The median resale price stood at $265,000, up only $2,000 from the $263,000 median price in September. Last year's May median price was $235,000. More...

While most are still saying that "the sky is falling"... I remember quite well the year 2003 when everyone was amazed at the record breaking year we had just had.

When will the general public wake up and realize that THIS is going to be a record year? Sure, it won't be the best year ever, but my money is on the notion that 2006 will be one of the top five years for residential real estate in Arizona to date. Please feel free to leave a comment... we would love to hear your input on the current Central Arizona real estate market.