Bob Stahl, market expert for the Greater Phoenix area, has good news to report for the region.

After dropping 4.5 percent in April -- the median prices of single family resales increased nearly 6.5 percent in May to $223,500.

Median prices are up all over the area in Valley cities. Chandler prices are up 5.5 percent, North Scottsdale is up over 2 percent.

The number of homes sold also increased -- for the fourth straight month. In Tempe, 45 percent more homes were sold in May than April; in Scottsdale the number was up 26 percent; in Chandler -- 7.35 percent; and in Gilbert -- 4 percent.

An increasingly weaker economy -- fueled by losses in the stock market, job layoffs, and record-high gas and food prices -- will increase the stress on the housing market.

Bob reports that foreclosed homes represent an attractive purchase option for many first-time homebuyers and investors. The number of foreclosures sold in May was 1,475, representing more than a quarter of the 5,740 homes sold.

These opportunities have tempered the negative effects of the foreclosure crisis to some degree, he notes.

For more information on this area, contact Bob Stahl at:
MyPhoenixMLS.com

Published: July 8, 2008

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