Sales of existing Valley homes remain sluggish

Chad GrahamThe Arizona RepublicMay. 9, 2007 08:56 AM

Sales of existing homes in Maricopa Co. remained sluggish in April when compared to the past few boom years, according to new resale numbers released Wednesday. Still, it appears the market is following a traditional cycle, although "we may not like it," said Jay Butler, director of Realty Studies at Arizona State University's Polytechnic campus.Recorded sales for the month fell to 4,855 compared to 5,385 in March.
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While April sales were a bit stronger than in January and February, they were well below the 5,980 sales in April 2006 and 8,735 sales in April 2005. "While the resale market is tracking near historical norms, the levels should be well below those of the last few years, because the current market lacks the market frenzy to own and/or invest at almost any price and reasoning," Butler said. So far this year, 19,045 homes in Maricopa Co. have sold compared to 23,960 for the same period in 2006 and 36,060 sales in 2005. The median home price in April was $265,000 versus $265,470 in March and $264,900 in 2006.