Valley home sales surge in JunePosted: Updated:
PHOENIX - More homes have been sold in the Phoenix metro area in June than in any other month in the last decade.
Sales figures surged 20 percent over June 2010.
The Arizona Regional Multiple Listing Service,or ARMLS, which tracks the data, says 11,125 homes were sold in June. During the boom in 2005, monthly sales numbers hovered around the 10,000 mark.
Bargain-hunters swept up most of the sales. Realtors report continued interest from investors, both local and international, along with buyers who plan to live in their new homes. Foreclosures and short sales made up 68 percent of June sales.
Low prices and low interest rates are enticing buyers. The median sale price for June was a lower-than-expected $110,500.
ARMLS analysts expect a slight increase in the median sales price to $112,000 in July, but they predict that number will drop for the following three months.