Friday, May 28, 2010

April Phoenix Home Sales At 4-Year High

Phoenix April Home Sales Highlights from DQNews:

1. A total of 9,972 new and resale houses and condos sold in the Phoenix metropolitan area in April, up 3.6% from March before and up 10.7% from a year earlier.  April’s total sales were the highest for that month since April 2006, when 12,669 homes sold.

2. The region’s overall median sale price rose above the year-ago level for the second consecutive month, reflecting widening price stability and fewer foreclosures and other properties selling below $100,000.  Buyers paid a median $135,889 last month for all new and resale houses and condos in the Phoenix metro area, up 0.7% from March and up 8.7% from $125,000 a year ago.

3. One of the most noticeable changes in the mix of sales this year versus last year is the decline in foreclosure resales: Last month they represented 50.5% of the resale market, compared with 64.9% a year earlier. The peak for foreclosure resales was 66.2% in March 2009.

MP: Phoenix home sales for April are at a four-year high, median home prices are 8.7% above a year ago, and foreclosure sales are declining, all signs of a healing and recovering real estate market.   

11 Comments:

At 5/28/2010 11:00 AM, Blogger Danny Gamache said...

Yet again more proof that Government fiscal policy is working. This was all due to the government tax credit. I didn't think I'd ever see such support for big government here on CD.

 
At 5/28/2010 11:06 AM, Blogger juandos said...

"Yet again more proof that Government fiscal policy is working"...

Hmmm, really? Where's the money coming from?

Personally I think its high taxes driving the housing in the Phoenix area...

Many of the inmigrants to Nevada, Arizona and other fast-growing states were came California, which had a net outmigration of 755,000 people to other states between 1995 and 2000 second only to New York, which had a net outmigration of 874,000...

 
At 5/28/2010 12:08 PM, Anonymous Anonymous said...

Many of the inmigrants to Nevada, Arizona and other fast-growing states were came California, which had a net outmigration of 755,000 people to other states between 1995 and 2000 second only to New York, which had a net outmigration of 874,000...

Yet again more proof that Government fiscal policy is working (to destroy the economy of California). This was all due to the government ...

I didn't think I'd ever see a leftist take responsibilty for the economic damage and human suffering that their policies have caused .... Oh, wait ...

 
At 5/28/2010 12:16 PM, Blogger Paul said...

anecdotal, but we have done a few foreclosure flips in phoenix. haven't noticed any real changes yet.
retail sales are apparently holding up, and the supply of foreclosures at the auction is endless.

 
At 5/28/2010 2:20 PM, Blogger grant said...

You don' mention the unemployment rate in Arizona.When it was last published it was 13.7% and one of the highest in the country.So there is a long way to go yet.

 
At 5/28/2010 2:54 PM, Blogger juandos said...

Hey grant, you might want to take a look at this latest BLS report: Table 3. Civilian labor force and unemployment by state and selected area, seasonally adjusted...

 
At 5/28/2010 5:21 PM, Anonymous Anonymous said...

May 28 (Bloomberg) -- New home sales in Phoenix and Las Vegas, two U.S. markets hardest hit by foreclosures, are set to plunge as a federal tax credit for homebuying expires, according to data from real estate researcher Metrostudy.

A sample of subdivisions in both cities showed sales contracts for new homes “pulled back sharply in May and contract cancellations spiked,” Houston-based Metrostudy said in an e-mail. Would-be buyers canceled about 40 percent of new home contracts in San Diego in May, up from 10 percent in April, the company said. Data on new signings in that city weren’t immediately available.

New Home Sales Set to Plunge in Former Bubble Markets, Bloomberg

 
At 5/28/2010 6:09 PM, Anonymous grant said...

Thanks Juandos for link it's even worse than when I last was involved with it.
You wouldn't believe how badly run this state of Arizona is. Every year they had a deficit so they would go out and borrow it and hope that new permanent residents would move into the state and their taxes would pay the interest on the borrowings. Of course this meant that state income had to keep growing and of course it hasn't.
I don't doubt MP'S sincerity or belief that things will improve long term but these figures were posted by realty people with a vested interest.
I better not say anymore or IL'L get a trash can on every posting I make

 
At 5/28/2010 6:19 PM, Anonymous grant said...

Juandos here's some creative economics out of the inventor of everloving economics Michail Janskeen RS + RS = RS
I bet this post gets censoured

 
At 5/29/2010 12:25 PM, Blogger juandos said...

grant says: "You wouldn't believe how badly run this state of Arizona is"...

Well it seems that the Phoenix Business Journal (dated two years ago) agrees with you: Arizona budget deficit labeled country's worst

"Every year they had a deficit so they would go out and borrow it and hope that new permanent residents would move into the state and their taxes would pay the interest on the borrowings"...

Prop. 100?

Both the Goldwater Institute and the National Taxpayers Union think its a really dumb idea...

 
At 6/02/2010 8:10 AM, Blogger VangelV said...

From what I see Arizona has a 17% delinquency rate. The fact that sales picked up in a month prior to the expiration of a tax credit that bribed home owners to purchase homes is no sign of strength. The default rate shows that the inventory levels will not decline substantially over the next few years so there is no support from the supply side. Given that U-6 stands at around 18.5% or so there is unlikely to be support from the demand side either so I see no way to spin this as a positive story.

Of course, I could be wrong if we see sales pick up after the expiration of the tax credit but things are not looking good on that front.



http://tinyurl.com/382w7co

http://www.bls.gov/lau/stalt.htm

 

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