The ASU WP Cary school of Realty Studies has published it’s April 2010 Resale Home Market update for the Phoenix area. Some interesting excerpts:
…With 10,255 recorded sales, the resale housing activity declined slightly from the 10,860 sales recorded in March, but was well above last year’s 9,100 sales. Beyond the traditional rebound, March activity was driven by a diverse set of factors, including strong foreclosure activity, bargain hunters, short sales and the Federal Income tax credit for qualified home buyers….
…Another significant component of the market was the sale of previously foreclosed property, which accounted for approximately 40 percent of the traditional transactions (6,765
sales). Thus, foreclosure–related activity represented 60 percent of the recorded activity….…However, median prices have been increasing; the median price for the traditional market in April was $144,000, which was an improvement over the $142,500 of March 2010 and the last year’s $125,000. The foreclosed properties had a median price of $156,180, in contrast to $158,175 for February and $145,965 for a year ago….
So, it appears that the market is improving somewhat, particularly for median prices, but sales are still dominated by foreclosures. It will be interesting to see what happens now that the tax credit will no longer be a factor.
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