Phoenix January 2008 Home Sales
March 14, 2008
Phoenix area home sales tumbled to a 13-year low last month as the median
sale price dropped to the lowest level since April 2005. It was the 12th
consecutive month in which the region’s median price fell on a year-over-year
basis.
The median price paid for all homes sold in the combined Maricopa-Pinal
counties metropolitan area in January was $224,437. That was down 2.4 percent
from $230,000 in December and down 12.0 percent from $255,000 in January 2007,
according to DataQuick Information Systems of La Jolla, Calif. The firm tracks
real estate trends nationally via public property records.
The 12 percent annual decline in the January median was the largest for any
month since at least 1993, when DataQuick's complete home sales statistics begin
for the Phoenix region. January's median was the lowest since April 2005, when
it was $212,000.
A total of 5,184 new and resale houses closed escrow in January, down 25
percent from 6,909 in December and down 44.8 percent from 9,396 in January 2007.
January sales were the lowest for that month since January 1995, when 5,169
homes sold. Sales financed with so-called jumbo loans over $417,000 fell nearly
76 percent in January compared with one year earlier. The loans, which became
pricier and harder to get following the credit crunch last August, accounted for
4.4 percent of January's transactions – half the level seen before the credit
crunch.
Phoenix MSA
|
|
# of
Sales |
Median
Price |
|
Jan-07 |
Jan-08 |
% Chg |
Jan-07 |
Jan-08 |
% Chg |
|
Resale houses |
4,567 |
2,683 |
-41.3% |
$258,000 |
$231,000 |
-10.5% |
|
Resale condos |
772 |
500 |
-35.2% |
$175,000 |
$170,000 |
-2.9% |
| New
homes |
4,057 |
2,001 |
-50.7% |
$262,814 |
$224,990 |
-14.4% |
| All
homes |
9,396 |
5,184 |
-44.8% |
$255,000 |
$224,437 |
-12.0% |
|
Additional Statistics: |
|
|
|
| Peak median sale
price |
Peak |
Last time at peak |
% Jan 08 off peak |
|
(for all homes combined) |
$264,100 |
Jun-06 |
-15.0% |
| |
|
|
|
|
Median price paid per sq.ft. |
Jan-07 |
Jan-08 |
% Chg |
|
(for resale houses only) |
$163 |
$138 |
-15.3% |
| |
|
|
|
| #
sales (all homes) financed |
Jan-07 |
Jan-08 |
% Chg |
|
w/jumbo loans (over $417K) |
752 |
184 |
-75.5% |
Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534
Copyright 2005 DataQuick Information Systems. All rights reserved.