Phoenix Housing Markets Shows Signs of Recovery; February Home Sales Highest Level in Four Years
1. The $131,900 median paid for existing, single-family detached houses was 5.5% higher than a year ago – the first time that median increased year-over-year since March 2007.
2. The median price paid per square foot for those resale houses increased 5.8% percent from a year ago, marking the first annual gain since October 2006.
3. A total of 6,824 new and resale houses and condos closed escrow in February, up 9.6% from the month before and up 13.0% from a year earlier (see chart above).
4. February’s total sales were the highest for that month since February 2007, when 8,940 homes sold. Total resales – houses and condos combined – were the highest for a February since 2006.
5. The median price paid in February for all new and resale houses and condos combined was $135,000, up from $131,540 in January and the same as a year earlier (see chart). The median paid last month for resale single-family detached houses was $131,900, up 1.5% from $130,000 in January and up 5.5% from a year ago.
6. Foreclosure activity dipped in February: The 4,635 single-family house and condo units foreclosed on in the Phoenix region represented a 6.2% decline from January and an 18.4% drop from a year earlier.
MP: Phoenix housing sales in February were the highest since 2006, with some upward movement in single-family home prices, and a reduction in foreclosure activity in February - important factors that signal a gradual recovery in one of the hardest-hit real estate markets.