Valley Resales Plunge...

Valley resales plunge, from the Arizona Republic, reports that sales of existing homes in the Valley fell in May to the lowest levels since 2003, but prices held steady. There were 6,870 resales in the Valley in May, down 34 percent from the 10,425 that were recorded in May 2005. However last year was a hyper-market and the numbers now reflect a more sustainable market, according to Jay Butler at the ASU Real Estate Center at ASU. The median resale price stood at $265,000, up only $2,000 from the $263,000 median price in September. Last year's May median price was $235,000.



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