Butler did not specify what lowered resales last month.
Since January, the median home price has risen from $156,000 to $179,500
in September, which also was a monthly record price. The median price was
$177,500 in August and $157,500 in September 2003. For the third quarter,
the median home price was $177,500, compared to $170,000 in the second
quarter.
Butler said there are mounting concerns about whether the current market
can be sustained. He points to an increasing number of rental properties,
resulting in extreme competition, with lower rents and even concessions.
This could keep potential home buyers in rental properties longer, given
the rising prices of homes in the Valley.
Looking across the Valley comparing third quarter 2004 to third quarter
2003 results:
Phoenix resales increased from 5,510 sales to 7,315 sales, while the
median sales price increased to $145,000 from $130,900.
The Scottsdale resale home market improved from 2,120 to 2,490 recorded
sales. The median price rose from $325,500 to $385,000.
The Mesa resale housing market grew from 2,570 to 3,395 sales, while
the median price increased from $147,000 to $159,900.
Glendale improved from 1,850 to 2,055 sales, and the median price rose
from $145,000 to $163,000.
The Sun City resale market increased from 390 to 430 sales, with the
median price rising from $120,000 to $136,500. However, resale activity
in Sun City West declined from 225 to 200 recorded sales, but the median
price rose from $140,500 to $166,000.
The resale market in Gilbert moved from 1,460 to 1,790 sales, and the
median sales price increased from $176,000 to $210,000.
Chandler's resale market increased from 1,795 to 2,105 recorded sales,
while the median price rose from $165,000 to $189,900.
The resale market in Tempe improved from 665 to 685 sales, with the
median sales price increasing to $185,000 from $168,000.
Avondale grew from 320 to 640 sales, with the median price rising from
$152,000 to $165,000.
El Mirage improved from 125 sales to 385 sales, as the median price
rose from $120,500 to $134,000.
Goodyear moved from 250 to 510 sales, while the median price increased
from $161,900 to $184,000.
Surprise increased from 500 sales to 980 sales, and the median price
rose from $139,925 to $163,520.
The highest median home sales price was in Paradise Valley at $906,000,
with a median square footage of 3,555.
The Arizona Real Estate Center is associated with East College at Arizona
State University's east campus. The center collects and analyzes data concerning
real estate in the greater Phoenix metropolitan area.
For more: www.asu.edu
