Home resales in Phoenix hint at rebound

Thursday, June 19, 2008 - 11:46 AM MST
Home resales in Phoenix hint at rebound
Phoenix Business Journal - by Adam Kress

Signs are emerging that the worst of the local housing slump might be in the past.
According to Realty Studies at Arizona State University, there were 5,740 May home sales in the Phoenix area, up about 200 sales from April. When compared to May of 2007, about 800 more homes were sold in May of this year.

Of the 5,740 resale homes sold in May, 1,475 were recorded foreclosed home transactions. Foreclosed transactions represent home owners losing their property to successful individual bidders or the lender of record. In April 2008, the spilt was 1,825 foreclosed homes and 3,760 traditional transactions.

Historically, May is a strong month and the 4,265 recorded sales represent the best month of 2008 and the best since 4,570 homes were recorded sold in June 2007. The 2008 year-to-date total is 16,280 traditional sales and 6,435 foreclosures.

As sales rise, home values are continuing to drop. For the traditional market, the median sales price was $223,500 in May, while the foreclosed properties had a median price of $179,465. For a year ago, the median prices were $265,000 and $217,225, respectively.

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