North East Valley Housing Market

The Arizona Republic Scottsdale edition reports that the overheated North East Valley housing market is showing signs of cooling off a few degrees as indicated by excess homes for sale. Listings rose 4.4% in May from April's numbers, sitting at 2,773. Industry observers say that as listings go up, sales and price increases start to slow. The median sales price in the Scottsdale area market rose 1.6% in May, to $310,000. NE Valley homes were on the market in May for an average of 35.6 days, nearly six days less than in April and a full month less than May 2004. More...