Phoenix November 2007 Home Sales
December 31, 2007
Phoenix area homes sold at the slowest pace in 11 years in November as annual
price declines steepened, a real estate information service reported.
The median price paid for all homes sold in the combined Maricopa-Pinal
counties metropolitan area was $235,000. That was roughly even with October's
$234,933 median but was down 8 percent from $255,351 in November 2006, according
to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate
trends nationally via public property records.
November's $235,000 median for all homes was 11.0 percent lower than the
$264,100 peak median in June 2006 and the lowest since the median was $233,000
in June 2005. The median has fallen on a year-over-year basis for 10 consecutive
months. The 8 percent annual decline in the November median was the largest for
any month since at least 1993, when DataQuick's complete home sales statistics
begin for the Phoenix region.
The median price for newly built homes has fallen the farthest from its peak
- down 16.2 percent. The November median for resale houses was 8.6 percent below
its peak, while the condo median was 1.7 percent lower.
Another gauge analysts use to measure price trends, the median price paid per
square foot for resale houses, suggests a bigger hit to overall home values.
That measure fell for the 13th consecutive month to $147 per square foot in
November, down 10.3 percent from a year ago and the lowest since it was $142 in
May 2005. Last month's median per square foot was 14 percent lower than the $171
peak in May and June 2006.
A total of 6,636 new and resale houses closed escrow in November, down 6.3
percent from 7,084 in October and down 36.7 percent from 10,482 in November
2006. November sales were the lowest for that month since November 1996, when
6,295 homes sold. The 2,937 single-family (detached) houses that resold in
November represented a new low for that month in DataQuick's records.
November home purchases financed with �jumbo� mortgages -- over $417,000 --
plunged 73 percent compared with November 2006. Jumbo loans have become more
expensive and harder to obtain since the August credit crunch hit.
Jumbo-financed purchases accounted for about 4.1 percent of total sales in
November, down from an average of 8.6 percent of purchases during the first
seven months of 2007.
Phoenix MSA
|
|
# Sales
|
Median price
|
|
|
Nov-06
|
Nov-07
|
% Change
|
Nov-06
|
Nov-07
|
%Change
|
|
Resale houses |
5,231
|
2,937
|
-43.9%
|
$256,700
|
$245,000
|
-4.6%
|
|
Resale condos |
849
|
568
|
-33.1%
|
$172,000
|
$183,250
|
6.5%
|
|
New homes
|
4,402
|
3,131
|
-28.9%
|
$265,374
|
$235,000
|
-11.4%
|
|
All homes |
10,482
|
6,636
|
-36.7%
|
$255,351
|
$235,000
|
-8.0%
|
Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534
Copyright 2005 DataQuick Information Systems. All rights reserved.