Phoenix Area Real Estate Market Sets New Record

The Phoenix Business Journal reports on November resales findings from the Arizona Real Estate Center at ASU.

It reports that the Metro Phoenix resale market has set a new record with 104,360 resales recorded through November, breaking 2004's yearly record total of 102,115 resales.

The median resale home price of $263,000 is 42 percent above the $184,900 mark of a year ago.

"Because it is difficult to sustain the levels of activity evident in the last year, the cooling is a good sign for the sustainability of the market," said Jay Butler.

Last month, 20 percent of all home sales were for homes priced from $125,000 to $199,999, 40 percent for $200,000 to $299,000, and 37 percent for homes priced over $300,000.

The article gives the total sales and median sales price for all the individual cities in the Metro Phoenix area. More...