Greater Phoenix Resale Market Up Slightly in August

Monday, September 11, 2006

MESA, Ariz. - With 5,685 recorded sales in August 2006, the local resale home market continued to drift lower. Although this activity is slightly above the 5,545 sales of July 2006, it is well below last year's 10,700 recorded sales. After the reported activity for August 2005, the resale market began to dramatically change from a hyper market to a much slower market. Historically, August is the last of the strong months as the market recedes in activity until at least March of the ensuing year.

This is the weakest August since 4,940 sales were recorded in August 2002. So far in 2006, there have been a total of 47,515 sales, while it stood at 78,935 sales in 2005 year to date. While it was unlikely that the market could have sustained the level of 2005, the current level of activity is very comparable to that recorded in the years of 2003 year to date, with 47,255 sales.

Although the record median price was $267,000 in June 2006, the rapid rise in home prices appeared to end in September 2005 with a median price of $263,000. For August, the median home price of $262,500 was a retreat from the $264,900 in July, and was not appreciably above $258,700 last August.

Read more >>