Home Prices & Sales Hit Highs...

Home prices, sales hit highs, from the Arizona Republic, reports that the number of used-home sales climbed 8 percent in 2005, to hit 110,835, according to the Arizona Real Estate Center at ASU. Monthly sales started to taper off in late summer. In August there were 10,700 resales recorded. In December there were 6,480. "The hype is off the housing market," said Jay Butler, director of the Real Estate Center. The median Valley home price hit a high of $263,000 in September and as of December, sits at $260,000. Metro Phoenix's housing market led the nation for price jumps during most of 2005, fueled by investors, move-up buyers, new residents, second-home buyers and first-time buyers. Affordability fell during 2005, causing concerns that a typical family cannot afford a new home.

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