The Market in Phoenix Valley continues to slow........

June resale home sales fall to near 2000 levels , from the Phoenix Business Journal , reports that June resales fell to a six-year low with 5,460 recorded sales, according to the Arizona Real Estate Center at ASU. June's activity is down from the 6,870 sales recorded in May. So far this year, there have been 36,290 resales, while year to date resale totals last year were at 58,030. However, Arizona Real Estate Center Director Jay Butler noted that the current level of activity is very comparable to year-to-date recorded sales in 2003, which wasn't too bad of a year. The article gives a city-by-city breakdown of the June 2006 resales and prices, compared with June 2005.

 

http://phoenix.bizjournals.com/phoenix/stories/2006/07/10/daily29.html?t=printable

The second article, June was a cold month for resales , from the Arizona Republic , also reports on the June resale numbers from the Arizona Real Estate Center at ASU. It quotes Jay Butler as saying "It was a lot weaker than I thought it would be. I see a lot of for-sale signs staying up. I'm seeing homes that are on their third agent. Homes are getting initial drive-by activity from buyers, then nothing." For the year, sales are down 38 percent from 2005's record levels, and down 25 percent from 2004 sales levels. The median sales price in June rose to $267,000. John Foltz, president of Realty Executives, thinks sales prices will fall 10 to 12 percent this year but said that prices rose 40 percent last year. "This is a very healthy adjustment", he said.