Sluggish economy and unemployment be damned. In June more homes were sold in the Phoenix metro area than ever before. 10,868 homes changed hands which surpassed the prior record of 10,252 set in June 2005 (the height of the market).
The median price of $111,000 is well off the peak of the market, but has been stable since the beginning of the year. Despite the high volume of activity, homes are still very affordable.
Renters are becoming owners and owners are becoming renters. Renters have recognized that it is in many cases cheaper for them to buy a home than to rent one. At the same time, many owners have experienced a foreclosure or short sale and must wait a few years to qualify for a mortgage again, thereby forcing them to be renters. The rental market for single family homes is also very hot. The 2,280 leases signed for single family homes in June exceeded the prior record record set in July 2008.
Other June 2011 Housing Stats for Phoenix market (Maricopa & Pinal Counties):
- Single Family Detached (excludes condos, attached homes, 2-4 units) sales accounted for 9,340 transactions. With 16,968 active listings there is a supply of 1.8 months.
- 41% of single family homes were purchased with cash
- Lender and HUD owned sales accounted for 42% of single family transactions
- Short sales accounted for 25% of single family transactions
Thank you to Fletcher Wilcox of Grand Canyon Title Agency for the data. If you have any questions or desire more details about these figures please contact me at 480-305-8509 or firstname.lastname@example.org.