It’s here again: time to produce my monthly Phoenix area real estate news video for Realty Times. Read on for a snapshot of what went on in the Phoenix area in June. 

Did you miss my last Realty Times news video?  You can check it out here:  http://realtytimes.com/REUv/BobStahl

Enjoy!

RT: What specifically happened last month/quarter in this market?

MyPhoenixMLS.com:  A total of 7,840 resale homes sold in Maricopa County in June, up from 7,210 in May (an 8.8 percent increase).  Historically, June is a strong month, but numbers were strong compared to 2007 as well – with 52.5 percent more homes resold in June 2008 than in June 2007.

Of the 7,840 homes sold, 41.8 percent were foreclosures.  In June 2007, only 11.1 percent of homes resold were foreclosures.  The increasing number of foreclosure continued to put downward pressure on prices, which fell 2.5 percent to $218,000.  That’s almost 18 percent lower than the median price in June, 2007.

RT: In your opinion, or the opinion of experts you know, will the market conditions continue or will they change?

MyPhoenixMLS.com: The fact that nearly half of all homes sold were foreclosures puts significant downward pressure on prices, which has fueled interest among both investors and owner-occupants, who rightly expect prices to begin rising in the near future.  Still, a weakening economy, driven by job losses and skyrocketing fuel costs, will continue to stress the housing market.

RT: What are the bright spots in the market?

MyPhoenixMLS.com: Median prices of single-family homes increased again last month in a number of Valley cities, including Chandler where prices were up for the third straight month; Gilbert, where prices rose 4.35 percent; and Scottsdale, where a 6.62 percent increase nearly erased last month’s decrease.

RT: Is there anything the world needs to know about your area pertaining to Real Estate Market Conditions?

MyPhoenixMLS.com: The number of homes sold continues to increase throughout the Valley – again demonstrating that home buyers are taking advantage of lower prices and existing inventory levels are falling.  Once existing inventory levels (supply) meet the demand for housing (which is strong), the housing market in Greater Phoenix will begin to recover.