Phoenix home sales reach six-year high in May
Sales of previously owned homes in the Phoenix area reached a six-year high in May, as investors rushed the market looking for deals. The area recorded 9,837 home resales in May, up 0.8% from April and 4.9% higher than a year earlier, according to San Diego-based real estate research firm DataQuick. Sales of homes less than $100,000 rose more than 40% from a year ago and accounted for nearly 40% of all May transactions. Even as sales rose, the area's median price point stayed consistent at $120,000 due to pressure from an influx of distressed property sales, which account for two-thirds of the resale market. The $120,000 median price on all resale homes and condos is down 13.7% from last year, with the median falling year-over-year for 11 consecutive months. The May sales surge continued a trend established in March when Phoenix-area home sales rose 7.3% from the previous year, driven by an increase of absentee buyers. In March, DataQuick reported 10,352 new and resale home and condo sales up 44.3% from February. Write to: Kerri Panchuk.