Phoenix Home Prices Attract 20-Somethings

As Phoenix home prices hover around 50 percent less than their peak, twenty-something buyers are making a move, says an area real estate agent.

In October, homebuyers paid a median $128,722 for new and resale houses and condos that closed escrow in the Phoenix metro area; that's down 51.3 percent from the peak $264,100 median reached in June 2006. It was the fourth month in a row in which the median fell on a year-over-year basis.

The low price is making home prices more affordable for twenty-somethings and other first-time buyers, says Tanya Marchiol, owner and broker of Team Investments.