East College at Arizona State University's Polytechnic
Tuesday, October 10, 2006
MESA, Ariz. - In September 2005, the local resale home market began to slow down with 9,815 recorded sales leading to 4,875 recorded sales in September 2006. This is the lowest monthly level since 4,090 sales were reported in February 2003, and the lowest September since 2000, with 4,134 sales. So far in 2006, there have been a total of 52,390 sales, while it stood at 88,750 sales in 2005 year to date. While it was very 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 55,435 sales.
For the first time in the last 10 years, the year-to-year median home price has declined from last year's $263,000 to $256,900, while it was $264,900 in July 2006. The record to date was June 2006 at $267,000.
For September 2006, 14 percent of all recorded sales were for homes priced from $125,000 to $199,999, 46 percent for $200,000 to $299,999 and 37 percent for homes priced over $300,000. Last year, the distribution of all recorded sales was 29 percent for homes priced from $125,000 to $199,999, 34 percent for $200,000 to $299,999 and 32 percent for homes priced over $300,000.
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