Phoenix Home Sales Up 11% in June While Home Prices Remain Level
Home sales in the Phoenix Metro Statistical Area (MSA) rose 11% from May, but fell short of a year ago for the second consecutive month. A total of 10,430 new and resale houses and condos closed escrow last month in the Maricopa-Pinal counties metropolitan area, up 11.2% from May, but down 2.8% from a year ago, according to MDA DataQuick. The number of newly built homes sold in June rose 35.1 percent compared with May and rose 26.9 percent from a year ago. Still, last month’s new-home sales were the second-lowest for a June in more than a decade as builders continued to struggle to compete with low-cost distressed sales. The median sale price stayed about the same at $139,500 for all new and resale houses and condos that closed escrow, up 0.4% from May and up 7.3% from a year ago. Even though the median price fell short of it's peak by 47.2%, set in June 2006, it did achieve the highest median for any month this year. The median price climbed for the past four consecutive months after a 36-month digression. The median paid last month for resale single-family detached houses was $135,875, down 1.5 percent from May but up 8.7 percent from a year earlier while the median paid for resale condos in June was $89,900, down 8.3 percent from May and down 13.6 percent from a year earlier. One of the biggest changes in the mix of sales this year versus last year is the decline in foreclosure resales. In June 2010, foreclosure resales represented 47.4 percent of the resale market, compared with 60.8 percent a year earlier. The peak for foreclosure resales was 66.2 percent in March 2009. This year a smaller percentage of sales occurred below $100,000, 29.2% last month as compared to 35.6% the same time last year. Sales for $200,000 or more were 29.2 percent of all sales last month, up from 28.0 percent in May and up from 26.7 percent a year ago. Write to Christine Ricciardi.