News Article From: 06-12-2006
The first article, Valley resales plunge, from the Arizona Republic, reports that sales of existing homes in the Valley fell in May to the lowest levels since 2003, but prices held steady. There were 6,870 resales in the Valley in May, down 34 percent from the 10,425 that were recorded in May 2005. However last year was a hyper-market and the numbers now reflect a more sustainable market, according to Jay Butler at the ASU Real Estate Center at ASU. The median resale price stood at $265,000, up only $2,000 from the $263,000 median price in September. Last year's May median price was $235,000.
The second article, Home resales still well below record 2005 pace, from the Phoenix Business Journal, also reports on the May 2006 resale numbers. It states that Jay Butler, director of the Real Estate Center at ASU, believes that home prices will continue to slightly decline month-to-month moving through the summer. "When purchasing a home for investment or occupancy, the rapid growth in price that was so evident in much of 2005 is somewhat soothing to the uncertainty of the buying decision," said Butler. "If home prices continue to be stable or even decline in some areas, potential buyers may be increasingly reluctant to make the purchasing decision, because future price appreciation is much more uncertain." So far in 2006 there has been 30,830 resales, compared to 46,485 sales at the same point in 2005. The article gives the sales volume and median prices for all the major Maricopa County cities.