Wednesday, May 05, 2010

Kick-Ass Double-Digit March Home Sales Increases: Phoenix (+16%), Miami (+43%), Seattle (+52%)

1. Phoenix March Home Sales - In March a total of 9,626 new and resale houses and condos sold in the Phoenix metropolitan area, up 41.1 percent from the month before and up 16.0 percent from a year earlier. Buyers paid a median $135,000 last month for all new and resale houses and condos sold in the Phoenix metro area, up 3.9 percent from $129,000 a year ago, the first year-over-year price increase since January 2007.

Miami March Home Sales - In March, 8,658 new and resale houses and condos closed escrow in the Miami metro area, up 43.3 percent from February and up 43.1 percent from March 2009. March marked the 13th consecutive month in which the region's overall sales rose on a year-over-year basis. The 4,312 condos that resold in March marked a 45.2 percent increase from February and a 62.1 percent gain from March 2009. It was the highest number of condo resales for that month since March 2006, when 4,406 condos resold. The median price paid for all homes sold rose insignificantly from February and fell 11.3 percent below the year-ago level, marking the smallest annual decline in 22 months.

3. Seattle March Home Sales - A total of 3,939 new and resale houses and condos sold during March in the Seattle metro area, the highest for that month since 2007, and an increase of 55.0 percent from February and 52.0 percent from March 2009. Total sales have risen on a year-over-year basis for nine consecutive months. The median sale price for homes sold in March logged the smallest annual price decline in nearly two years.


At 5/06/2010 9:05 AM, Blogger juandos said...

Hmmm, reading these links makes me wonder if the following from an outfit called Property Wire is a sales pitch or a substantive news story...

Foreclosures rising and prices falling in the US real estate market, latest figures show

Tuesday, 20 April 2010

'Recent talk of a recovery in the US real estate market has been dealt a blow by the latest figures that show foreclosures still rising and prices falling.

Foreclosure filings including default notices, scheduled auctions and bank repossessions rose 7% in the first quarter of 2010 compared with the last three months of 2009, the most recent figures from RealtyTrac show.

At 5/06/2010 12:07 PM, Anonymous Who Knew said...




Economic actvity does not necessarily indicate a net gain in social welfare. In all these cases we are just seeing loss-cutting and there will be more loss-cuts throughout this year.

If home "sales" keep up this pace, we'll have 300 bank failures this year, over 200 next year, home ownership rates will plummet, multifamily rents will fall, and household balance sheets and credit scores will be wiped out.

There is NO GOOD NEWS about these sales except if you're a realtor or mortgage broker.

At 5/06/2010 12:48 PM, Blogger bobble said...

hey, next month will be even better. why? federal first time home buyer credit.

you're cheering on the effect of federal housing subsidies

At 5/06/2010 3:32 PM, Blogger juandos said...

"you're cheering on the effect of federal housing subsidies"...

bobble nails it in one...

Apparently past lessons are still going unlearned...

The Unfortunate Reality Of Housing Subsidies


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