Southern Arizona's Home Prices Soaring

The Yuma Sun reports that Yuma County is also cashing in on the state's housing boom. The average sale price of a home in Yuma County increased by nearly 20% from the first quarter 2004 to the first quarter 2005, according to the Yuma County Assessor's office. "People from San Diego and California come over and buy eight vacant lots or two, three or four small houses at a time,", said Yuma County Assessor Joe Werhle. "Investors are gambling that Yuma home prices will continue to increase,' said Werhle. "A house on the market in general sells in one to three days in the greater Yuma area. In the rest of Yuma County a house can sell between one and ten days," said Werhle, adding that this high turnover rate leaves Yuma with no inventory. More...