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Arizona housing market continues to drop

The price of homes in Arizona continued to fall based off of statistics from the last quarter.

The price of homes in Arizona continued to fall based off of statistics from the last quarter.

Recently released statistics by the Federal Housing Finance Agency reported that Arizona's average home price continues to decline, dropping another 1.5 percent in the last quarter.

The new statistics represented a 12 percent decrease in the average home price in Arizona when compared to statistics from the previous year. According to the East Valley Tribune, a home that was valued at $200,000 last year is now worth $24,000 less.

When compared to other states, Arizona's price decline came second to only Nevada, which reported a 12.3 percent decrease in home prices from last year.

Real estate experts and residents of Arizona expressed that the state's housing market may have hit rock bottom yet, sparking some optimism about the future.

"There actually is some good news here," Marshall Vest, economist at the Eller College of Management at the University of Arizona, said to the Tribune. "We're going to need another quarter or two of data before we can say this index has bottomed."

In the report, Phoenix was the sixth worst city in the country in terms of declines from year to year.

Average home price in Arizona is now $127,300, according to Zillow, meaning it could be a good time to pack up moving boxes and relocate to an affordable property in Arizona's pleasant desert climate.