Greater Phoenix Resales

The first article, Greater Phoenix resales for third quarter finish strong, from the Arizona Real Estate Center at ASU, reports that the local resale market slowed slightly in September 2005 with 9,815 recorded sales, down from the 10,670 recorded for August.It was, however, above last year's 7,780 sales. For the third quarter 2005, 30,715 sales were recorded. So far this year, 88,750 sales have recorded, compared to the 75,800 recorded sales for the same time period in 2004. The median home price set another record in September 2005 at $263,000, up from $258,700 in August, and 47% higher than the $179,500 median price in August 2004. Affordability is still a concern. The Resale Home Affordability Index for the Third Quarter 2005 stood at 78, which is the lowest value since the early 1980's. "In searching for affordability, people are moving to the outer fringes of the area where commutes are becoming increasingly expensive in light of ever-higher gasoline prices and longer commute times," states Jay Butler, Director of the Real Estate Center. The article goes on to give resale numbers for each city in the Valley.

http://www.east.asu.edu/arec/studies/special/PressreleaseSept.doc