-- "The number of homes that resold in the Phoenix area rose above a year earlier for the twelfth month in a row in November as activity increased across the price spectrum. A variety of median sale price measures trended higher month-to-month, and the region’s overall median sale price fell year-over-year by less than 1 percent – the smallest dip since the median began to erode consistently in summer 2010.
A total of 7,766 new and resale Phoenix area houses and condos sold in November, which was up 9.0% from a year earlier but down by 3.5% from October. Phoenix-area sales usually drop between October and November, with that decline averaging 7.1% since 1994.
The median price paid in November for all new and resale houses and condos sold in the Phoenix region was $127,000. That was up 5.8% from October but down 0.4% from a year earlier. November’s median was the highest since November 2010, when it was $127,500. Also, the year-over-year decline in the median was the lowest since the median began to drop consistently in July 2010."
It's not a great report, but the Phoenix-area real estate market is starting to show some signs of a gradual recovery. Home sales increased by 9% in November over last year, led by especially strong sales gains for new homes (32.6%) and condos (10.4%). Median home prices have stabilized at around $127,000 for the last year as the market seems to have found a price bottom.
: Even more recent data on Phoenix home sales through the month of December
confirm that a real estate recovery is taking place there (and also see first comment below):
"The number of Phoenix-area home sales in 2011 climbed to their highest level since the housing market’s peak in 2006. Foreclosures fell to their lowest level since 2008. And the number of Phoenix-area homes listed for sale has dropped to a figure not seen since 2005, indicating demand is finally exceeding supply. This is a complete turnaround from 2007, when the housing crash started and cheap foreclosure homes flooded the market while buyers were few."