Valley Home Resales Rate Slows, But Not Prices

The Phoenix Business Journal reports that Valley home resales pulled back a bit in July, but not the prices, according to the Arizona Real Estate Center at ASU. There were 10,200 recorded sales in July 2005, down 1,345 from June 2005, but ahead of last July's 8,525 sales. The median sales price continued to climb, rising from $249,900 in June 2005 to $255,000 in July 2005. This was a 45% increase over last year's median sales price of $176,000. So far this year, there have been 68,235 resales, compared to 56,745 resales for the same time period in 2004. The article gives a breakdown of sales and prices for each Valley city. More...