by J. Craig Anderson - Dec. 12, 2008 12:00 AM
The Arizona Republic
The Valley's median resale price for detached single-family homes fell by more than 7 percent from October to November, bringing the year-over-year median-price decline to about 35 percent, according to the latest figures from Arizona State University.
The November median price of $162,000 was down from $249,000 a year earlier.
November's 3,370 resale transactions represent a 31 percent increase from the 2,580 transactions in November 2007. In addition, there were 3,095 foreclosures, up about 178 percent from 1,115 foreclosures a year earlier.
ASU realty studies Director Jay Butler said the increase in resales suggests lower home prices have sparked some renewed interest in the market.
November resales were down about 25 percent from 4,465 transactions in October, ASU reported.
The decrease is partly a seasonal phenomenon and is also likely due in part to elimination of seller-funded down-payment assistance. Despite the federal ban taking effect Oct. 1, a number of sales involving the practice closed in October.
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