Phoenix May 2007 Home Sales

June 27, 2007

Phoenix area home sales sank to an eight-year low in May, marking the 18th consecutive month in which sales have fallen on a year-over-year basis. The trend has taken a toll on the region's median sale price, which has fallen below year-ago levels for four straight months, a real estate information service reported.

The median price paid for all homes sold in the combined Maricopa-Pinal counties metropolitan area was $250,000. That was down 0.8 percent from $252,000 in April and down 5.3 percent from $264,000 in May 2006, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

May's 5.3 percent year-over-year decline in the median is the sharpest since the median went negative in February. Last month's $250,000 median stood 5.3 percent below the region's record median of $264,000 in May and June of 2006.

A total of 10,112 new and resale houses closed escrow in May, up 5.6 percent from 9,580 in April but down 28.6 percent from 14,169 a year earlier. Last month's sales were the lowest for the month of May since 1999, when 9,930 homes sold.

Sales of homes priced between $300,000 and $600,000 declined 36 percent last month compared with May 2006, while the annual decline was lower – 15 percent – for homes priced under $200,000. At the other end of the price spectrum, the number of homes selling for more than $800,000 (or that had a loan of $800,000 or more if no price was available) fell just 7.8 percent year-over-year, from 447 in May 2006 to 412 last month.

Phoenix MSA
	# sales			Median price
	May-06	May-07	%Chg	May-06	May-07	%Chg
Resale houses	7,853	5,490	-30.1%	$265,000	$261,000	-1.5%
Resale condos	1,397	1,051	-24.8%	$180,250	$185,000	2.6%
New homes	4,919	3,571	-27.4%	$280,300	$251,900	-10.1%
All homes	14,169	10,112	-28.6%	$264,000	$250,000	-5.3%

Media calls: Andrew LePage (916)456-7157 or John Karevoll (909) 867-9534

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