Greater Phoenix Resales on the Rise
The greater Phoenix Area, home to several retirement communities, posted its first year over year increase in home sale in April. According to the department of Realty Studies in the Morrison School of Management and Agribusiness at Arizona State University.
Historically, April is not a strong month and is usually well behind March, which could have been impacted by the Easter holiday this year. The total March and April 2007 activity was 10,245 sales, while 2008 was comparable at 9,920 sales. The 2008 year-to-date total is 16,975 sales, while it was 19,045 sales in 2007 year to date. The median home price declined from $220,000 to $210,000, in contrast to last year’s $265,000. This is the lowest median price since February 2005 at $200,000.
Despite the positive news the outlook for real estate in the Phoenix area is not so bright. Like most major metropolitan areas, Phoneix is dealing with mounting job losses and foreclosures in a slumping economy.
This could bode well though for retirees hoping to pick up a good deal on a new home in one of Phoenix’s many retirement communities.
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