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April 9, 2008 - 11:32AM
Updated: April 10, 2008 - 12:50AM
Homes sales rising so far this year, ASU reports
Misty Williams, Tribune
For East Valley real estate agent Jay Thompson, business is thriving. More buyers are calling, and they're serious, with some showing up pre-qualified for loans, Thompson said.
Read Misty WIlliams' real estate blog
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"I think buyers are starting to realize there are good deals to be had," he said.
But despite the increase in activity many Valley agents are reporting, March sales hit the lowest point for the month since 1996, according to a report by Arizona State University.
Sales of existing Valley houses have climbed steadily so far this year, following the traditional pattern of the market picking up in the spring.
But many in the industry thought March sales would be stronger, said Jay Butler, director of ASU's Realty Studies.
"I think the big issue right now is the economy," Butler said.
"People are concerned about their jobs, their income."
Some 4,335 existing home sales were reported last month, up 15.6 percent from February but down 19.5 percent from a year ago, the ASU study shows.
It's also the lowest number of sales recorded in March since 1996, which saw 3,270 sales.
Overall this year, 11,395 sales were reported through March, compared with 14,190 at the same time last year.
The low sales stem, in part, from the many Valley homeowners who have manageable mortgage payments and are content to stay put in their houses, Butler said.
For some would-be buyers, though, now is not the time to make a large commitment.
Gas and food prices are up, and people are worried about job security, Butler said.
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