Home resales in Phoenix hint at rebound,
An article from the Phoenix Business Journal, reports that according to Realty Studies at Arizona State University, there were 5,740 May home sales in the Phoenix area, up about 200 sales from April. When compared to May of 2007, about 800 more homes were sold in May of this year. The report also shows of the 5,740 resale homes sold in May, 1,475 were recorded foreclosed home transactions. The 2008 year-to-date total is 16,280 traditional sales and 6,435 foreclosures. Home values are also continuing to decrease as the median sales price for the traditional market was $223,500 in May, while the foreclosed properties had a median price of $179,465. In 2007, the median prices were $265,000 and $217,225, respectively.http://phoenix.bizjournals.com/phoenix/stories/2008/06/16/daily63.html?b=1213588800^1653606
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