Realtors: Phoenix home prices, sales on the rise

The National Association of Realtors reports year-to-year increases in median prices and home sales in the Phoenix area.

Prices in March came in at $144,500, up from $127,500 in March 2009, a 13.3 percent increase. The number of home resales was up 10.1 percent, according to the association’s monthly report issued Thursday.

NAR’s prices are derived from estimates on a sample of Multiple Listing Service sales, unlike Arizona State University’s index, which measures prices of the same homes being resold at a later date and offers a different take on the local market.

Nationally, the number of single-family, townhome, condominium and co-op resales rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and 16.1 percent in March 2009. NAR attributes the rise to increased affordability, the homebuyer tax credit and the annual “spring surge.”

NAR Chief Economist Lawrence Yun says it is encouraing to see a broad home sales recovery in nearly every part of the country. Still foreclosures are feeding into the pipeline at a fairly steady pace, he adds. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.”

Of the 20 major metros surveyed by NAR, 14 showed gains in median price, led by San Diego at 20.4 percent. The Southern California city also had the highest median price at $393,600. At $113,600, Atlanta had the lowest median.

Sales were up in all markets but New Orleans, which saw a 2.3 percent decline. Portland experienced the highest year-to-year increase in sales at 45.6 percent, according to the report.



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