Phoenix June 2007 Home Sales

August 10, 2007

Phoenix metro area home sales downshifted again in June to the slowest pace in a decade. As demand slackened, the median sale price fell short of the year-ago level for the fifth consecutive month, a real estate information service reported.

The median price paid for all homes sold in the combined Maricopa-Pinal counties metropolitan area was $249,900. That was down a hair from $250,000 in May and down 5.4 percent from $264,100 in June 2006, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

June's 5.4 percent annual decline in the median is the sharpest since the median went negative on a year-over-year basis in February this year. June's $249,900 median was the lowest since the median was $245,000 in October 2005. The median peaked at $264,100 in June 2006.

Another gauge analysts use to measure pricing trends, the median price paid per square foot, shows similar weakness in Phoenix region home values. The median per square foot fell to $161 in June, down 5.8 percent from a year ago and the lowest since it was $157 in August of 2005.

A total of 9,516 new and resale houses closed escrow in June, down 5.9 percent from 10,112 in May and down 32.8 percent from 14,163 a year earlier. Last month's sales were the lowest for the month of June since 1997, when 8,130 homes sold.

Sales of homes priced under $200,000 fell just 2.6 percent in June compared with a year earlier. Sales between $300,000 and $600,000 declined 26.5 percent. At the high end of the market, the number of homes selling with a price or loan of $800,000 or more fell 27.5 percent year-over-year, from 545 in June 2006 to 395 in June this year, according to county property records.

Phoenix MSA
	# Sales			Median price
	Jun-06	Jun-07	%Chg	Jun-06	Jun-07	%Chg
Resale houses	7,749	5,109	-34.1%	$268,000	$262,500	-2.1%
Resale condos	1,292	972	-24.8%	$179,950	$183,500	2.0%
New homes	5,122	3,435	-32.9%	$275,792	$246,630	-10.6%
All homes	14,163	9,516	-32.8%	$264,100	$249,900	-5.4%

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

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