October sales #'s
Welcome to the work week. We hope you are back from a relaxing extended weekend. The National Association of Realtors (NAR) released October numbers. Sales of existing homes are down a seasonally adjusted 2.7%, a higher decrease than expected. With this slowdown, the total number of homes on the market is reaching record levels which translates into longer days on the market to sell a home.
Despite this decrease in sales activity, prices continued to increase. The median price for a home sold in October 2005 increased by 16.6% over October 2004. Most builders in the Phoenix area are not holding lotteries or using waiting lists any more. The market is back to normal and slightly favoring buyers. If you have any questions on property availability throughout the Phoenix area, please call us or email questions to info@weareazrealestate.com.
Have a great week!
Adam Tarr and Sharon Kotula
Your Phoenix Area Real Estate Source