Phoenix September 2008 Home Sales
September sales of existing single-family houses in the Phoenix area jumped 85 percent above last year as prices fell and foreclosures rose to half of all resale transactions, a real estate information service reported.
Overall sales rose less dramatically because of annual declines in sales of newly built homes and resale condos. A total of 7,870 new and resale homes closed escrow in the combined Maricopa-Pinal counties metropolitan area in September, up 9.5 percent from August and up 16.2 percent from a year ago, according to MDA DataQuick. The San Diego-based firm tracks real estate trends nationally via public property records.
Despite the September surge, sales of existing single-family (detached) houses were still the second-lowest for a September in eight years. Single-family home sales have risen on a year-over-year basis for three consecutive months.
The median price paid for all homes sold in the Phoenix area was $178,607 in September. That was down 6 percent from $190,000 in August and down 24.9 percent from $237,900 a year earlier. September’s median was 32.4 percent lower than the peak $264,100 median in June 2006.
Another gauge analysts watch suggests sharper price declines: The median paid per square foot for resale houses fell to $99 in September, down 35.2 percent from a year ago and down 42 percent from a peak $171 in June 2006. September’s figure was the lowest since $98 in January 2004.
The median sale price – the point where half of the homes sold for more and half for less – has plunged for several reasons: Widespread home price depreciation; higher prices and qualifying standards for “jumbo” mortgages, which has undermined higher-end sales; and buyers’ preference for discounted foreclosures.
About 51 percent of the Phoenix-area houses and condos that resold in September had been foreclosed on at some point in the prior 12 months.
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Phoenix MSA |
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| Number of sales |
Sept '07 |
Sept '08 |
%Change |
| Resale houses |
2,956 |
5,462 |
84.8% |
| Resale condos |
547 |
473 |
-13.5% |
| New homes |
3,269 |
1,935 |
-40.8% |
| All homes |
6,772 |
7,870 |
16.2% |
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| Median sale
price |
Sept '07 |
Sept '08 |
%Change |
| Resale houses |
$250,000 |
$174,925 |
-30.0% |
| Resale condos |
$169,900 |
$145,500 |
-14.4% |
| New homes |
$236,700 |
$198,233 |
-16.3% |
| All homes |
$237,900 |
$178,607 |
-24.9% |
Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534
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