Residential Real Estate Market Stays Hot

Residential Real Estate Market Stays Hot As Resales Hold The Lead

The Arizona Republic reports that according to local housing analyst RL Brown, the typical resale home in metro Phoenix now costs more than a new one; $225,000 for the median resale home in May, compared with $220,617 for a new one. The information was from RL Brown's latest Phoenix Housing Market Letter. "When you have lines of people waiting for new homes, some people won't (wait) and some of that demand has spilled over into resale homes," said John Foltz, president of Realty Executives. Investors also drove up the resale prices when they moved into the resale market after builders began banning them or restricting thier purchases. New home permits hit 5,994 in May, up 10 percent from May 2004. The market remains strong. "There's not a sign out there today that say things are cooling off of things are going to go cold or we're going to see a reversal in this marker," RL Brown said. More...