Phoenix Business Journal – by Adam Kress
Single-family home prices are dropping at record levels, and the Phoenix area is getting hit harder than most.
According to the National Association of Realtors, home prices dropped 7.7 percent from first-quarter 2007 to first-quarter 2008. In Phoenix, the numbers were down more than 15 percent, to a median sales price of $220,200 for the period.
The NAR said this was the largest year-over-year decline since the group began reporting prices in 1982. The national median sales price was $196,300 for the first quarter, down 4.8 percent compared with the last three months of 2007.
And Now April Existing Home Sales are UP!!!
May 1, 2008
We saw that March had an increase from February sales. Now April has seen a 13% increase from March sales. There were 4783 existing home sales in April. This is really good news. Combine that news with the fact that the number of homes currently in escrow is close to 8000 means May looks to have at least as many sales as April. I believe we will hit 5000 homes sales in May. Right now Inventory is at 54716 with 49% of those properties sitting vacant. We have just under 12 months of inventory.
I believe the bottom is here for Metro Phoenix.
March Existing Home Sales are WAY UP!!!
April 1, 2008
It will be 15 days before you hear the “official” numbers from Arizona Association of Realtors, but you can say you heard it here first. March existing home sales are up, WAY UP!!! There were 4200 existing home sales in March which is an increase of nearly 24% over February’s sales. The bigger news is that the number of homes currently in escrow is close to 7000. This means that within the next 45 days or so most of these properties will be closing escrow. If the number of homes in escrow stays consistently at or above about 6500 the monthly sales figures should remain brisk at over 4000 per month. If all things continue along as they are now, April existing home sales will hit at least 4700. Even though inventory is still hovering at 56000, months of inventory is now at 13 months and should shrink to 12 months by the end of April.
Have we hit the bottom? Can’t say yet, but we should know soon.
Stay tuned….
