Sales of existing houses and condos in the Phoenix area rose in June to the highest level for that month in four years, with the non-foreclosure market continuing to account for a greater portion of sales. The modest shift away from lower-cost lender repossessions enabled the overall median sale price to edge higher than the prior month for the second month in a row.
In June, 60.8% of the Phoenix-area houses and condos that resold had been foreclosed on in the prior 12 months, down from 64% in May and the lowest since such foreclosure resales were 58.6% of all resales last November. Foreclosure resales hit a high of 66.2% this March, according to MDA DataQuick (A San Diego firm that tracks real estate trends nationally via public property records).
A total of 10,731 new and resale houses and condos closed escrow in the combined Maricopa-Pinal counties metropolitan area in June, up 12.2% from May and up 40.4% from a year ago. Total home sales have risen on a year-over-year basis for six consecutive months. However, sales of existing houses and condos combined have risen on a year-over-year basis for 12 consecutive months, and the June resale total of 9,720 was the highest for any month since March 2006.
Last month's year-over-year gains in house and condo resales offset a 50% annual decline in sales of newly constructed homes. New home sales are still lagging behind.
Thestreet.com
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