Phoenix home sales rise for 12th month in a row
The number of homes that resold in the greater Phoenix area rose for the 12th consecutive month in November, DataQuick said Friday. When reviewing property sales in the combined Maricopa-Pinal counties, the data firm said 7,766 new and resale homes and condos closed in escrow. That is down 3.5% from October, but up 9% from last year, DataQuick said. Maricopa houses the city of Phoenix, and is the fourth-most populous county in the country with more than 3 million residents. Sales of home priced between $100,000 and $200,000 rose the most in the region, with closings jumping 11.4% from a year ago. Closings on homes sold for less than $100,000 increased 4.6% year-over-year, while sales of homes priced from $200,000 to $600,000 grew a slight 0.7%. In addition, sales of homes worth more than $800,000 rose 4.9% from last year, suggesting renewed interest in luxury homes when compared to mid-level sales. November's median sales price was at its highest point in a year, hitting $127,500. Investors and vacation homebuyers acquired 43.4% of the Phoenix areas homes sold during the month, paying a median price of $103,000, up slightly from $102,000 a year earlier. Cash buyers represented 40.8% of all November sales, up from 40.3% last year, according to DataQuick. Those buyers paid a median price of $96,000, up from $88,500 in October and $95,000 a year ago. Cash buyers and investors leaned towards distressed properties. Foreclosure resales represented 38.5% of November sales, while short-sales made up 15.9% of all resale activity. During the month, lenders foreclosed on 3,307 homes, up 16.2% from October and 9.5% higher than a year earlier. Write to Kerri Panchuk.