News Article From: 12-14-2005
The first article, Valley's market for resales relaxed in Nov., from the Arizona Republic, reports that the Metro Phoenix resale housing market slowed to a more sedate pace in November, with 7,195 resale homes sold. That is down from 9,525 in November 2004. The median price for a resale home jumped to $263,000 in November, up from $259,900 in October. The information was compiled by the Arizona Real Estate Center at ASU. "Everything looks like it's somewhat back to normal," said Jay Butler, who heads the Real Estate Center. Housing analyst say that the slowing number of sales and less volatile prices are a good sign. It points to a gradual slowing of an overheated market rather than a bubble bursting scenario. Butler said that year-to-date total of 104,360 transactions exceeds the annual record of 102,115 set in 2004.
The second article, Valley real estate sales slow, still hit full-year record, from the Phoenix Business Journal, also reports on the report on November resales from the Arizona Real Estate Center at ASU. It reports that the Metro Phoenix resale market has set a new record with 104,360 resales recorded through November, breaking 2004's yearly record total of 102,115 resales. The median resale home price of $263,000 is 42 percent above the $184,900 mark of a year ago. "Because it is difficult to sustain the levels of activity evident in the last year, the cooling is a good sign for the sustainability of the market," said Jay Butler. Last month, 20 percent of all home sales were for homes priced from $125,000 to $199,999, 40 percent for $200,000 to $299,000, and 37 percent for homes priced over $300,000. The article gives the total sales and median sales price for all the individual cities in the Metro Phoenix area.
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