March home sales in Phoenix area the most in 66 months

Good news on the residential real estate front. The 9,933 Phoenix-area sales transactions that closed in March marks the most sales in 66 months, according to the Arizona Regional Multiple Listing Service Inc. monthly statistics report. It’s also the fifth highest sales month since 2001. “Clearly buyers are taking advantage of the phenomenal affordability of Valley housing,” the report states. The ARMLS Pending Price Index isn’t as sunny, however. The median price is expected to be $113,000 in April as compared with $110,000 in March, but it’s expected to drop to $103,000 in May and then rise to $109,000 in June. The projections are based on pending sales transactions. The average sales prices follow a similar pattern. The average sales price in March was $157,800. It’s expected to be $163,000 in April, $150,000 in May and $152,000 in June. “While the declines in pricing signal good news for buyers who want to take advantage of the lowest pricing of the decade, they are unwelcome news for sellers who endure the ill effects on their equity,” the report states. The news comes as separate Thursday figures from CoreLogic paint a gloomy picture for local home values.

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