Inventory Levels Have Continued To Grow...

Existing home sales volume retreats to 2004 levels, from the Phoenix Business Journal, reports that Valley resales fell by nearly 2,500 recorded sales from February 2005 to February 2006, according to the Arizona Real Estate Center at ASU. There were 5,455 resales in February 2006, down from the 7,935 in February 2005, but up from the 5,260 sales recorded in January 2006. The median resale price rose to $265,000 in February 2006, up from $257,000 in January. "As prices have stagnated since August, inventory levels have continued to grow, as we suspect an increasing number of speculators are placing their homes on the market," Raymond James analyst Rick Murray wrote to clients on Monday. The article gives a breakdown of the sales and median prices for each city.



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