Phoenix September 2007 Home Sales

November 7, 2007

Phoenix area home sales fell to a 13-year low in September as the region entered its 22nd consecutive month of year-over-year sales declines. The downturn has also erased more than two years of gains in the median sale price, a real estate information service reported.

The median price paid for all homes sold in the combined Maricopa-Pinal counties metropolitan area was $237,900. That was down 2.9 percent from $245,000 in August and down 5.6 percent from $252,000 in September 2006, according to DataQuick Information Systems of La Jolla, Calif. The firm tracks real estate trends nationally via public property records.

September's $237,900 median for all homes was 9.9 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 eight consecutive months.

Another gauge analysts use to measure price trends, the median price paid per square foot for resale houses, suggests even more weakness. The median per square foot fell for the eleventh consecutive month to $152 in September, down 7.5 percent from a year ago and the lowest since it was $149 in June 2005. Last month's median per square foot was 11.1 percent lower than the $171 peak in May and June 2006.

A total of 6,772 new and resale houses closed escrow in September, down 17.3 percent from 8,190 in August and down 39.6 percent from 11,213 in September 2006. September's sales were the lowest for that month since September 1994, when 5,565 homes sold.

Phoenix MSA
	# Sales			Median price
	Sep-06	Sep-07	% Chg	Sep-06	Sep-07	%Chg
Resale houses	5,481	2,956	-46.1%	$255,000	$250,000	-2.0%
Resale condos	837	547	-34.6%	$177,000	$169,900	-4.0%
New homes	4,895	3,269	-33.2%	$259,990	$236,700	-9.0%
All homes	11,213	6,772	-39.6%	$252,000	$237,900	-5.6%

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

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