Housing Resales Taking Longer to Turn...

Housing resales taking longer to turn, from the Phoenix Business Journal , reports that Valley resale homes are now averaging 40 days on the market, according to RL Brown and his Phoenix Housing Market Letter. The February issue indicates that the regional housing market is reacting to overpricing in the resale market and the resale "freefall" may be imminent for owners who wait too long to sell. "Market times will continue to move up until sellers reposition their pricing to market. Over-expectations by sellers are contributing to the booming rehab market," the newsletter states. Resale average prices peaked at $309,910 in January, up 27 percent from the $244,180 price tag a year ago. Median resale prices increased to $254,000 from $185,000 over the same period. "We anticipated a bumpy road for the early part of 2006," Brown said.

http://phoenix.bizjournals.com/phoenix/stories/2006/02/27/daily23.html?t=printable