J. Craig Anderson
Jun. 19, 2008 08:50 PM
Valley home resale activity increased in May over the previous month but still lagged behind the pace of a year earlier, according to the latest Arizona State University Realty Studies report.
There were 4,265 home resales in May, compared with April's total of 3,760 sales, ASU reported. Both figures exclude foreclosure transactions.
Home resales totaled 4,915 in May 2007, according to the report. Realty Studies Director Jay Butler said May is typically a strong month for home sales.
Still, he said factors such as job losses and layoffs are weakening the economy and likely will add further stress to the housing market.
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