Phoenix-Area Sales Plummet In July

Posted by Orb Staff on August 31, 2010 No Comments
Categories : Residential Mortgage

Home sales in the Phoenix region dove to a 15-year low last month, falling more than 25% from both a year ago and from June, MDA DataQuick reports.

Last month, a total of 7,610 new and resale houses and condos closed escrow in the combined Maricopa-Pinal counties metropolitan area – down 26.7% from the month before and down 25.6% from a year earlier, the data provider says. The normal dip in sales between June and July has averaged 6.7% since 1994, when DataQuick's complete Phoenix-area statistics begin. July sales have averaged 10,124 since 1994.

Last month's total resales – existing houses and condos combined – fell 23.4% from June to the lowest level for a July in two years. However, DataQuick says it was July's new-home sales, which were the lowest for that month in 13 years, that drove the region's overall sales count to the lowest level for a July in 15 years.

The number of newly built houses and condos sold in July fell to 641 – down 5% from June and down 37.7% from a year earlier.

Phoenix-area foreclosures, meanwhile, rose 4.7% from June to 5,725 units, which is down 1.6% from July 2009, DataQuick adds. Through July, 36,522 housing units were lost to foreclosure – up 7.9% from the same period last year.

SOURCE: MDA DataQuick

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