The Phoenix housing market continues to show weakness, according to a new survey that shows dips in construction starts and prices, and a record number of homes for sale.
Metrostudy -- a Houston-based real estate research firm -- said Phoenix regional housing starts for the 12 months ended Sept. 30 totaled 34,300 units, down 36 percent compared with the 12 months ended Sept. 30, 2006.
Metrostudy said West Valley housing construction starts are down 45 percent from last year. Most of the major new housing developments in metro Phoenix are in the West Valley or in distant suburbs to the city's southeast.
The research group said Arizona Multiple Listing Service figures show 54,200 housing units for sale in the Phoenix market -- a record high.
The study showed 9,500 single-family home sales in the Valley during the third quarter, off 23 percent from the 12,400 units sold during the third quarter of 2006.
Metrostudy, which tracks real estate markets across the U.S., said the average home resale price was $315,289 in September, down 10 percent from the previous month.
The numbers mirror other recent figures showing foreclosures rising in Arizona as housing market conditions remain sluggish.
The Business Journal of Phoenix - by Mike Sunnucks Phoenix Business Journal
Tuesday, October 30, 2007
Study Shows Record Number of Homes For Sale in Phoenix Area
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