The Arizona Republic reports:
The median price of an existing Valley house fell to $242,000 last month, reports the Realty Studies department at Arizona State University's Polytechnic campus. That's the lowest median price the market has posted since spring 2005. It's an almost 10 percent drop from the median resale high of $267,000 the housing market hit in early 2006.
Experts predict further price drops of perhaps 20%. Read more.