According to news reported at http://www.azcentral.com/, the Valley's single-family home resale market clicked higher in October, although they aren't near the level sustained in 2005.
There were 4,985 sales in October, up slightly from 4,875 the previous month, according to the Arizona Real Estate Center at Arizona State University Polytechnic.
The median price stayed essentially flat. The new median of $257,000 is marginally higher than $256,900 in September. The new median is a little more than 1 percent lower than in October of last year.
Obviously, pricing and values vary greatly by areas within the city, but this paints a far less-grim picture than we seem to see both locally and nationally regarding real estate.
Last year's resale market was driven by investors who purchased homes at an unsustainable level, pushing prices and sales to record levels. These same investors are now 'flipping' those homes, hence the high number of listings currently on the market. It seems like we are finally leveling out and heading towards a more stable market.
Have a great weekend -
Sharon Kotula, ABR
Adam Tarr, e-PRO
Your Phoenix Area Real Estate Source