Market Conditions: Phoenix, Arizona

April 8, 2008

Bob Stahl reports that the sales volume in the Greater Phoenix area resale market improved in February, with 3,700 recorded sales compared to 3,300 in January.
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January and February are traditionally slower months for home buying, he says, but these early signs of improvement in the market could portend strong sales numbers in March and April.

The number of homes sold has increased in every major city in the valley, and Stahl says that as this market sheds excess inventory it could be moving towards a strong turnaround.

And in addition to that, the median home price for the Greater Phoenix area is still 10 percent higher than it was just three years ago, making this area a great place for investment.

Mesa remains a particularly good place for homebuyers, as median home values for the area continue to stay flat.