Homes surged in April...

Sales of new homes surged in April as prices plunged,
from the Arizona Republic, reports that the Commerce Department reported
Thursday that sales of new single-family homes jumped by 16.2 percent in
April to a seasonally adjusted annual rate of 981,000 units. That was the
biggest one-month sales gain since a 16.4 percent surge in April 1993. Even
with the increase, however, sales are 10.6 percent below the level of a year
ago. The median price of a new home, the midway point between the costliest
and cheapest, fell to $229,100, a record 11.1 percent below the March level.
The price was 10.9 percent below the level of a year ago, the biggest
year-over-year price decline since '70. David Seiders, chief economist for
the National Association of Home Builders, said he was looking for sales of
new homes to fall by 18 percent for the whole year, matching last year's
decline.


http://www.azcentral.com/arizonarepublic/business/articles/0525biz-mktsector
0525.html

Median Price For Scottsdale Homes Falls...

Median price for Scottsdale homes falls 6%, from the
Arizona Republic, reports that Scottsdale's median price for a resale home
fell 6 percent in April to $557,500, down from $593,000 a year ago and down
from $635,000 in March. There were 400 resales in Scottsdale, a decline of
13 percent from last April, signalling continued softness in the local real
estate market. There were 300 Scottsdale condos sold in April, equal to last
year. The median price for a Scottsdale condo fell 4 percent to $264,450.
Paradise Valley's median price was at $1.64 million, up 7 percent from a
year ago.



http://www.azcentral.com/community/scottsdale/articles/0509sr-homesales0510-
ON.html

Population Increased By 129,642 Last Year...

Market lures contractors to Arizona, from the Business
Journal of Phoenix, reports that the Phoenix metro area continues to draw
home builders and others in the growth industry as the area continues to see
big population gains. According to the latest figures from the U.S. Census
Bureau, Maricopa County's population increased by 129,642 last year, helping
Phoenix pass Philadelphia to become the nation's fifth largest city. As the
area continues to grow, more construction related companies are moving
operations here. Jay Butler, director of Realty Studies at ASU said the
market most likely will absorb more local and national construction
contractors, subcontractors and other growth-industry entities. He points to
the usual economic factors-- a thriving economy and population growth-- to
stimulate the construction business. "Phoenix is typically viewed as one of
the top five growth markets in the country. Some consider it No. 1," he
said. "Phoenix is unique in that way, because we have always had growth on
our side."



http://phoenix.bizjournals.com/phoenix/stories/2007/05/07/story7.html?t=prin
table

Where The Affordable Lofts & Condos Are???

Condos available-- for a lofty price, from the Arizona
Republic Scottsdale, reports that Scottsdale's redevelopment boom the past
few years has brought several thousand new condominiums to the downtown
Scottsdale area, most with price tags of $500,000 and up. Sometimes, way up.
That has some citizens wondering where the affordable lofts and condos are
for people with normal means. Grace Communities is building the X Wine Lofts
northwest of Scottsdale and Osborn Roads. It will have 82 units and target
young buyers. Prices for the smallest 900 s.f. unit start at over $300,000,
with the larger units (2,100 s.f.) selling for up to $900,000. Urban Homes
Development Corp. plans to break ground in August on another 288-unit
project called Citro Camelback, at 78th Street and Camelback Road. Prices on
the first 96 units will start at $500,000. Even apartment dwellers are
getting squeezed out due to condo conversions and apartment being torn down.
The latest is the Orchidtree Apartments at 68th Street and Camelback, where
a large condo project is now planned.



http://www.azcentral.com/community/scottsdale/articles/0503sr-biz0504realest
ate-ON.html

Vacation Home Sales...

Slump isn't slowing vacation home sales, from MSNBC.com,
reports that demand for vacation homes was strong in 2006, while sales of
investment homes plunged, according to a report released by the National
Association of Realtors on Monday. The NAR said sales of second homes for
investment fell by 28.9 percent in 2006, while vacation home sales rose 4.7
percent. According to the NAR survey, 22 percent of all homes purchased last
year were for investment, down from 28 percent in 2005. The number of
vacation homes purchased last year represented 14 percent of the total
market for new and existing homes, up from a 12 percent share in 2005. The
NAR survey shoed the typical vacation-home buyer in 2006 was 44 years old
and had a median household income of $102,000. The vacation home was a
median of 215 miles from the homeowners primary residence. The median price
of a vacation home in 2006 was $200,000.

Visit www.azhomerun.com for vacation homes.


http://www.msnbc.msn.com/id/18405318/