Phoenix new home sales begin to stabilize

New single family home sales in the Phoenix area are showing signs of stabilizing, according to a recent report by Phoenix-based RL Brown Reports. Though new home sales for October were down compared with the previous month, the numbers for the past three months are better than they were in August, September and October of 2010. There were 584 new home sales in October throughout the Valley as compared with 553 in the same month last year. The average price of a new home is $262,603, as compared with $153,987 for a resale home. The median price of new home is $219,504, as compared with $110,000 for a resale home. Building permits obtained in October 2011 numbered 543, as compared with 485 a year ago.

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