Pricing turnaround in Phoenix

The difference between the prices Phoenix homeowners are asking for their properties and what buyers are paying is narrowing, says an article by the Arizona Republic. The gap, which hit a record high in mid-2005, is the smallest it's been since mid-2004. This narrowing could signal a potential recovery for the local market, the Republic says, as buyers and sellers start to agree on prices. The article adds that in the metro area, the market tends to vary neighborhood by neighborhood -- some houses are selling at their asking prices in metro Phoenix, while in some fringe areas of the city, it's more of a buyer's market.