Resales Taking A Tumble...

Resales taking a tumble, from the Arizona Republic, reports that home sales are plunging in metro Phoenix as record number of people decide to put their homes on the market. Through the first four months of 2006, the number of existing houses sold in the Valley is down 46 percent from last year and 12 percent for the same time frame in 2004. Last month there were 38,206 homes for sale, a record high. In April, houses took nearly two months to sell, on average. Sellers are dropping prices, and many expect this to continue. Neil Brooks, a Century 21 Arizona Foothills agent in the north Valley, expects a 10 to 15 percent price reduction Valley-wide if summer selling doesn't eat up existing inventory. "The next 60 days are crucial for Arizona real estate," he said. Margaret Dixon, a broker and owner of Prudential Arizona Properties, thinks prices could drop 10 to 15 percent in areas hardest hit by speculators. But she sees a soft landing because "the core of the market is very strong."



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