by J. Craig Anderson - Sept. 21, 2010 12:00 AM
The Arizona Republic
The median sale price of existing Phoenix-area homes declined in August for the third consecutive month, according to an Arizona State University report.
Reasons for the downward trend include a combination of the expected and the unexpected, according to the report's author, Jay Butler, an associate professor of real estate at ASU's W.P. Carey School of Business.
Butler said it's typical for median home prices to decline in the latter months of the year, as homebuying activity takes a backseat to preparations for school and holidays.
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