Phoenix Market Shows Signs of Life

Phoenix home sales volume declined from October to November and foreclosure resales continue to hold a majority of transactions in the Arizona metropolitan statistical area (MSA). A total of 8,544 new and resale houses and condos closed escrow in the combined Maricopa- Pinal counties metropolitan area in November, down 6.7% from October but up 62.0% from a year ago, according to a report by MDA DataQuick. The San Diego-based real estate information service said a dip between the two months was typical for this market and that 2009’s decline was less than the average 8% decrease in volume experienced during the past 15 years. The month’s total was the highest number of November sales since 2006, when 10,482 homes were sold. This was due in part to the November 2009 having 19 business days, as opposed to 17 in November 2008.

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