As foreclosed home sales fall in Phoenix, year-over-year home sales have continued to climb for seven straight months. An increased reliance on regular home sales continues to raise the median home purchase price in the area. The following article from HousingWire has more on this.
Home sales continued to soar year-on-year in Phoenix, but slipped from June as foreclosure purchases waned, according to MDA DataQuick.
July marked the seventh consecutive month of yearly gains in sales, rising 27.7% over July 2008.
Foreclosure sales accounted for 57.8% of Phoenix’s transactions in July, down from 64% in June and coming in at the lowest level since October 2008, according to DataQuick.
“The region’s decreasing reliance on sales of heavily discounted, lender-owned homes helped the median sale price inch higher for the third consecutive month,” the real estate information provider said.
The median price for all new and resale houses and condos came in at $132,500, up 1.9% from June — the third consecutive monthly gain — but down 32.1% from a year ago.
Resale houses in particular show the effect foreclosure sales had on sales prices, in concert with overall price declines. The median price for a resale house came in at $129,100 in July, 32.9% below July 2008.
Existing home sales continued to rise for the 13th consecutive month as total counts of new homes sold in July — 1,029 — marked the lowest tally for the month in more than a decade.
This article has been republished from HousingWire. You can also view this article at HousingWire, a mortgage and real estate news site.
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Tags: Housing Market Conditions, Phoenix