Falling Prices, Rising Sales In Phoenix Market

Posted by Orb Staff on June 08, 2009 No Comments
Categories : Residential Mortgage

report by MDA DataQuick has determined that April sales of existing homes in the Phoenix area rose to the highest level for any month in nearly three years, as absentee buyers and those using government-insured Federal Housing Administration loans accounted for the vast majority of purchases. The median price paid for all new and existing homes sold dropped to $125,000, the lowest in a decade, registering 52.7% below the Phoenix area's peak $264,100 median reached in June 2006, MDA DataQuick reports. The median has fallen on a year-over-year basis for 27 consecutive months. Distressed sales dominated the market: 65% of the Phoenix-area houses and condos that resold in April had been foreclosed on in the prior 12 months, according to the new report. SOURCE: MDA DataQ

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