The housing market in Phoenix continues on it's run as one of the hottest real estate markets in the country based on last months numbers. The median price was up 4.7% from October and up over 31% measuring back to November 2011; the 12th consecutive month with a year-over-year gain.
Sales of previously owned Phoenix area homes and condominiums hit their highest level for a November in seven years, even though some parts of the valley appeared to have slowed the last few months. The median Phoenix home price hit $167,500 last month, a four-year high, according to information released by DataQuick.
“Prices have risen as greater demand has met a relatively low supply of homes for sale,” DataQuick said in a news release. “But the median has also been pushed higher by a big shift in the types of homes selling this year compared with last. More homes selling today are higher-cost move-up homes and fewer are lower-cost foreclosed properties.”*
The decline in foreclosed and bank owned homes on the market throughout the vallye helped with the Phoenix area housing market recovery. Bank foreclosured resales, homes that were foreclosed on in the last year, fell to 17.2% of the area's home resale market last month. This was the lowest level since December 2007, and down sharply from March 2009, when foreclosures accounted for 66.2% of homes sold in the Phoenix area. While activity has been brisk at the lower price points, we are hopeful this will ultimately translate into a more robust housing turnaround accross the board.
*Courtesy of an article by Alejandro Lazo - LA Times