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Phoenix Metro Area Home Sales Stagger in October

According to ""MDA DataQuick"":http://www.dataquick.com, which tracks real estate trends nationally via public property records, Phoenix-area home sales dropped to their lowest level for

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an October in 15 years. The decline is attributed to low new-home transactions, the slow economic recovery, and the market lull created by the homebuyer tax credits.

A total of 6,903 new and resale houses and condos sold during October in the combined Maricopa-Pinal counties metropolitan area, down 6.2 percent from the month before and down 24.6 percent from a year earlier.

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The overall median sale price also fell below the year-ago level for the fourth consecutive month. Buyers paid a median $128,722 for all new and resale houses and condos during October in the Phoenix metro area, down 1.0 percent from September and down 6.7 percent from $138,000 in October 2009. The October median is 51.3 percent below the peak $264,100 median in June 2006.

October's resales fell 5.3 percent from September and fell 20.9 percent from a year earlier. Sales of existing detached houses declined 22.4 percent year-over-year, and condo resales plunged 9.0 percent from a year earlier. Sales of new houses and condos in October were the lowest for that month since 1997.

Foreclosure resales, homes that were foreclosed on in the prior 12 months, represented 53.9 percent of the Phoenix-area resale market in October-the highest level since September last year when it was 56.5 percent. The peak level for foreclosure resales-66.2 percent-was in March 2009.

Lenders foreclosed on 4,660 house and condo units in the two-county Phoenix area in October, down 17.2 percent from September and down 16.2 percent from a year earlier. During the first ten months of this year, 52,478 housing units were lost to foreclosure, up 9.4 percent from the same period last year.

About Author: Heather Cernoch

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