Friday, July 26, 2013

House sales fell in June as prices rose.

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House sales fell in June as prices rose
The Republic 

Metro Phoenix home sales fell in June. Prices for houses put on the market climbed. And the time it took for houses to sell shortened.

That data is all from the latest Arizona Regional Multiple Listing Service Stat Report. It’s the first issue of the report researched by housing analyst Tom Ruff of the Information Market.

“During the last five years, our housing market has been in one painful transition: not unlike the party boy who was dancing on the table with a lampshade on his head all night, having to put on his game face for a 7 a.m. sales meeting the next day,” writes Ruff in his inaugural report. “The ramifications of these actions have been both brutal and subtle, and the market corrections have been obvious.”

New data from Stat:
In June, 8,228 home sales closed in metro Phoenix, down 12.9 percent from a year earlier.
The number of all residential pending foreclosures fell 55 percent from June 2012 to 8,027 last month.
Based on ARMLS’ pending-sales index, the average Prices for houses sold will climb to $242,100 in the next month, up from $237,000 in June.

The Information Market was purchased by ARMLS last year.