Phoenix Home Sales Are Up…Just A Tad
April 11th, 2008 Posted in Real Estate NewsHome sales up but still sputtering
29 commentsby Catherine Reagor - Apr. 9, 2008 06:09 PM
The Arizona Republic
Existing-home sales across metropolitan Phoenix climbed last month from February’s level, but it was still the slowest March for resales since 1996.
Last month, 4,335 existing homes changed hands across the Valley, compared with 3,750 in February, reports the Realty Studies center at Arizona State University Polytechnic. But March is usually a robust month for sales because it kicks off the spring home-buying season. In March 2007, when the housing market had already started to slow significantly, 5,385 resales closed Valley-wide.
The median existing-home price in the Valley was flat in March at $220,000.
“During the last year, the housing market has been confronting issues derived from the hypermarket of previous years, such as the subprime meltdown and overly ambitious investors,” said Jay Butler, director of Realty Studies.
“Unfortunately, there is increasing data, such as job losses and layoffs, that the economy is now weakening and will add further stress for the housing markets.”
If home sales climb again this month from March’s level, and home prices don’t fall again, it could signal the housing market has hit bottom.
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