Scottsdale Real Estate Prices Still Skyrocketing, But Can Buyers Escape the Expense?

Even though the Scottsdale real estate market is slowing and the sale of resale homes has decreased from 1,050 to 780 when comparing August 2004 to August 2005, the median sales price for residential Scottsdale real estate continues to increase.

Over the course of a year, the average price of residential Scottsdale real estate has increased from $376,000 to $555,000. This enormous jump has also increased the amount new Scottsdale real estate owners pay each month on their mortgages. Even though the interest rate on a 30 year loan was 0.1 percent lower in August 2005 than in august 2004, residents are paying hundreds of dollars more each month because of the leap in housing costs.

For many, the answer to escaping these skyrocketing Scottsdale real estate prices lies in moving further out into the Valley, but economists warn "that as people move further away from established Valley communities in search of affordable housing, they are being saddled with longer commute times and that is getting costly with rising gas prices."