ASU Report on Housing Market

Realty Studies from ASU’s Polytechnic Campus posted a housing report on May 13Th which shows some positive news. April had 5,585 recorded sales a 15 % increase over the 4,855 sales in April of 2007 and an increase of 29% over the 4,335 sales in March of this year.

One of the factors driving the market is the increase of home affordability as average home prices have decreased since they peaked in 2005. The amount of change in home prices varies considerably by neighborhood and city. Generally those houses in centrally located areas have retained their value better than homes in outlying areas. The increasing gas prices have also affected the price of homes in outlying areas as fewer buyers are willing to purchase a home in these areas even though the prices are lower because they will have longer commutes.

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Greater Phoenix resale numbers up for April, median prices down