Metro Phoenix home sales, prices climb in June

"We all know that sales volume in the Phoenix market has been solid, but according to this article, for the first time since late ’07 the median home price has inched north! An increase in median home prices for the first time in over a year!!! That’s an important snippet of news for our market and a bright spot to pay close attention to! While it will take time to see home values rise significantly and I’m sure we have many months of topsy-turvy trends to observe; I hope this is the beginnings of a positive market trend for Arizona homeowners. Plus, this article provides a great snapshot of the most recent pre-foreclosure, foreclosure and notice of trustee’s sales data as well as current inventory status." Said Bernadette Espinosa, Fidelity National Title with regards to the following article.

Here are some more positive signs from metropolitan Phoenix's housing market, which may not be recovering but doesn't appear to be deteriorating any more. Home sales climbed again in June to reach 9,614, according to the Information Market/Cromford Report survey. That's an 11 percent increase from May's home sales. June is the sixth straight month home sales have climbed in the Valley.
The median Valley resale home price also climbed in June, the first monthly price increase since late 2007. Last month, the median ticked up to $125,000 from $122,000 in May.
Foreclosures also climbed in June after dropping off for a few months. There were 5,149 trustee sales or foreclosures in the Valley, compared to 3,809 in May. Pre-foreclosures, or notice of trustee sales, continue to hover around 8,700.

But so far the additional foreclosures aren't creating an oversupply problem for the housing market.
Mike Orr, publisher of the Cromford Report, said the number of lender-owned properties listed for sale in the Arizona Regional Multiple Listing Service fell to 5,150 in June, from 5,475 in May.

“So the supply was huge, but the demand was even greater,” said Orr about Valley foreclosure homes.
Also, the average price-per-square-foot of foreclosures sold by lenders during June climbed to $65.64 in June, from $63.77 in May.
Tuesday, July 7, 2009 at 03:13 PM
http://www.azcentral.com/members/Blog/CatherineReagor/57175


Bernadette Espinosa
Business Development
602-448-9907 Cell
Bernadette.Espinosa@fnf.com
www.BernadetteEspinosaFNT.com
"I'm now a CDPE!" -- Certified Distressed Property Expert, www.cdpenow.com.