Phoenix, Las Vegas Home Sales Hit 4 Year Highs
1. Sales of existing homes in the Phoenix region rose to the highest level for a December in four years as home price measures trended lower and investor activity rose. A total of 8,826 new and resale houses and condos closed escrow in the combined Maricopa-Pinal counties metropolitan area in December, up 3.3% from November and up 30.5% from a year ago. December’s total sales were the highest for that month since December 2006, when 11,341 homes sold. Total home sales have increased on a year-over-year basis for 12 consecutive months.
2. The number of homes that resold in the Las Vegas region in December shot up to its highest level for that month in five years amid robust sub-$200,000 sales and strong demand from investors. A total of 5,316 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area in December, up 11.1% from November and up 33% from a year earlier. December’s sales total was the highest for that month since December 2006, when 5,780 homes sold. December marked the 16th consecutive month in which total sales have risen on a year-over-year basis.