Arizona Homes - Resales up in October
Home resale market up last month in Valley but off from a year ago
The Valley's single-family home-resale market clicked higher in October though sales are well off from last year's frenzy.
There were 4,985 sales in October, up slightly from 4,875 the previous month but down nearly 41 percent from October of last year, according to the Arizona Real Estate Center at Arizona State University Polytechnic.
The median price stayed essentially flat. The new median of $257,000 is marginally higher than $256,900 in September. The new median is a little more than 1 percent lower than in October of last year.
Home prices are a key issue in an area coming to grips with housing-affordability challenges. Prices and sales vary city by city in the Valley.
Last year's resale market was driven by a buying spree fueled by investors that pushed prices and sales to records. Jay Butler, head of the real estate center, said the market is struggling to shake a hangover from last year, trying to find its footing at a more reasonable pace.