Phoenix a homebuyers' market

Arizona Republic reports:

In February, Scott Communities began offering a Honda Civic, Honda Element or $15,000 off the base price of a home.

Another home builder was selling a completed spec home with such upgrades as granite counter tops, for $386,000, while the base price of the home in the builder's brochure was $415,000.

In another case, a builder offered only a $3,000 discount on a home with a base price of $276,000. And that was eaten up by a $7,000 lot premium.

"It varies by community," said Roger Lewis, vice president of Scott Communities, a local home builder. "At (one local community) we've never offered them. But at most communities, we offer 2 or 3 percent off base price."

So far, only one person has opted for the car, with most choosing to apply the discount to the final price tag, Lewis said. That particular incentive was offered only on completed spec homes, Lewis pointed out.

It appears the housing market has turned in Phoenix.The last couple of years of appreciation were too large too fast.