Phoenix Home Sales Jump to 6-year high

By Kyle Chezum Updated on 9/25/2013

Sales of previously-owned homes in the Phoenix area reached a six-year high in May 2011, as real estate investors hurried to find great deals in that depressed market.

The area had 9,837 home sales in May which is up 0.8% from April and 4.9% higher than May of 2010, according to DataQUick, the real estate research firm.

Sales of homes which were less than $100,000 in value actually rose more than 40% from 2010 and accounted for 40% of all May purchases.

Even with rising sales, the median price for a signle family home remained stable at $120,000 due to pressure from an influx of distressed property sales, which make up about 60% of the resale market. The $120,000 median price on all resale homes and condos is down 13.7% from 2010.  The median price for homes has been falling for 11 consecutive months.

The May sales continues the buying trend established in March when home sales rose 7.3% from 2010, driven by a spike in absentee buyers. In March, DataQuick reported 10,352 new and resale home and condo sales up 44.3% from February.