Phoenix Home Sales Increase 12th Straight Month

DQNews.com -- Sales of existing houses and condos in the Phoenix area rose in June to the highest level for that month in four years, with the non-foreclosure market continuing to account for a greater portion of sales. The modest shift away from lower-cost lender repossessions enabled the overall median sale price to edge higher than the prior month for the second month in a row.

A total of 10,731 new and resale houses and condos closed escrow in the combined Maricopa-Pinal counties metropolitan area in June, up 12.2% from May and up 40.4% from a year ago (see chart above). Total home sales have risen on a year-over-year basis for six consecutive months. However, sales of existing (not new) houses and condos combined have risen on a year-over-year basis for 12 consecutive months, and the June resale total of 9,720 was the highest for any month since March 2006.

The median price paid last month for all new and resale houses and condos combined was $130,000, up 0.4 percent from May but down 36.6 percent from a year ago. The tiny month-to-month gain was the second in a row. May’s 3.5 percent increase over April’s median marked the first such month-to-month rise since the overall median rose 1 percent, to $256,000, in March 2007.

Originally posted at Carpe Diem.