Phoenix Home Sales Up Year-over-Year, Again

Sales of single-family, re-sale homes in Phoenix had another stellar month in August, gaining 47.6% compared to last August. This is the third month in a row home sales have been up year-over-year.

Prices, on the other hand, continue to decline. Statistical prices are being skewed downward by the large number of bank-owned properties being sold. The median price for homes in Phoenix was off 34% from the year before.

The median price for single-family, re-sale homes in Scottsdale fell 8.4% from July, down 24.8% year-over-year.

Scottsdale home sales were off 16% from July, but were up 0.4% year-over-year.

The large increase in sales bodes well for the market as it means bank-owned property is selling. A few more months of this and we expect prices to stabilize.

 

Scottsdale
(Single-family Homes)
						Median +/-  from Year Ago	Average +/- from Year Ago	Sales +/- from Year Ago
	Homes
Month	Median	Average	Units	SP/LP	DOM
07	$615,000	$874,548	288	95.0%	134	-8.9%	6.3%	-13.8%
F	$655,000	$797,499	307	96.0%	143	2.5%	-4.9%	-10.8%
M	$675,000	$828,369	400	95.5%	126	3.8%	3.6%	-6.1%
A	$622,500	$800,043	358	95.7%	127	-1.2%	1.7%	-11.6%
M	$650,000	$860,346	387	94.6%	117	1.0%	8.5%	-14.0%
J	$673,000	$845,441	363	95.0%	125	-3.4%	2.3%	-23.4%
J	$630,750	$825,636	312	95.1%	124	4.6%	4.4%	-13.3%
A	$637,500	$843,978	266	94.8%	132	1.7%	9.7%	-12.5%
S	$581,800	$714,915	179	93.8%	129	-3.0%	-6.3%	-38.9%
O	$620,000	$827,147	237	91.5%	147	0.8%	8.3%	-28.0%
N	$600,000	$805,035	196	93.8%	135	-11.1%	-1.5%	-39.1%
D	$550,000	$754,110	199	94.0%	167	-8.3%	04.2%	-36.0%
08	$629,950	$763,429	190	93.7%	167	2.4%	-12.7%	-34.0%
F	$544,100	$760,856	226	93.4%	147	-16.9%	-4.6%	-26.4%
M	$602,500	$846,841	260	93.0%	170	-10.7%	2.2%	-35.0%
A	$525,000	$749,041	281	92.1%	155	-15.7%	-6.4%	-21.5%
M	$510,000	$649,405	306	93.2%	160	-21.5%	-24.5$	-20.9%
J	$525,000	$667,163	319	93.4%	168	-22.2%	-21.3%	-12.1%
J	$459,000	$635,701	301	92.7%	163	-27.1%	-22.9%	-4.4%
A	$481,000	$635,025	268	92.9%	160	-24.8%	-24.7%	0.4%

Remember, the real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood, call me.

To keep on top of what's happening in the Phoenix/Scottsdale real estate market, subscribe and you will be notified every month when we update our charts and tables.

For a graphic look at the market, visit our MARKET TRENDS section. There we have 15-month charts showing average price, median price and unit sales for each city we cover.

MONTHLY TRENDS

Scottsdale
Phoenix
Cave Creek
Paradise Valley
Tempe
Mesa
Chandler

Also, take a look at our Annual Trends section to see housing trends since 1997.

A set of statistical tables for each of the cities we cover is available on the next page.

(continued)