Real Estate
Author
Arizona Republic
Title
Home sales slump, prices rise
Created
Wednesday, Apr. 11, 2007
Link
www.azcentral.com
Content
Home sales slump, prices rise Peter Corbett The Arizona Republic Apr. 11, 2007 12:00 AM SCOTTSDALE - A slump in Scottsdale-area home sales continued in March with a 15 percent drop from a year earlier, according to report issued Tuesday by Realty Studies at Arizona State University. Still, median prices for single-family homes were up 6.7 percent from a year earlier to $635,000. Scottsdale condominium and townhouse sales also dipped 26 percent in March but prices were up a fraction to $265,950. The past two years "were the freak years. "We're pretty much at a normal (sales) pace now and nobody likes that," said Karl Stauffer, Scottsdale Area Association of Realtors treasurer. There is about a seven-month supply of Scottsdale resale homes selling for under $1 million, an inventory that is the lowest in the Valley, he said. Jay Butler, Realty Studies director, said, "The current market lacks the market frenzy to own and/or invest at almost any price and reasoning." In March, 465 homes sold in the Scottsdale area and 280 condos and townhouses sold. Paradise Valley's median home price of $1.6 million was up less than a half-percent over last March.
