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June 19, 2008 - 11:47AM
Valley home sales are highest since last summer
Misty Williams, Tribune
Sales of existing homes in May hit the highest point since last summer, marking a continued uptick in buyer activity since the beginning of the year.
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Some 4,265 traditional sales were recorded last month, according to an Arizona State University study. Non-foreclosure sales in May were at the highest level since 4,570 sales were reported in June 2007, the report shows.
Falling prices have helped stoke renewed interest from traditional buyers and investors looking to take advantage of hefty discounts on foreclosure properties.
“The lower median price is being impacted by several forces, including the large number of vacant homes, especially in certain neighborhoods,” ASU Realty Studies director Jay Butler stated in the report.
The median price of traditional resale homes was $223,500 last month.
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