News updates are sent daily. You can unsubscribe at any time.
Existing home sales languish in Pinal County
Digg|
Save|
License|
Print|
E-mail|
Sales of existing Pinal County homes continued to languish in recent months, as sellers competed against home builders and the typically slower holiday season approached.
Read Misty Williams' blog, From the Ground Up
Some 625 sales were recorded in the third quarter 2007 compared with 850 during the same period last year and a high of 1,550 sales in 2005, according to a report by Arizona State University’s Realty Studies department.
“The market in Pinal is slowing tremendously,” now that investors have left and homebuilders are offering steep incentives that make it tough for regular owners to compete, Realty Studies director Jay Butler said.
Some 2,645 new homes were sold in Pinal County in the third quarter — more than four times the number of existing homes.
Commute times, gas prices and a lack of employment opportunities are also impacting the market, Butler said.
“Because we’re not in this booming housing market at the moment, people are being much more cautious about what they buy and where they buy it,” he said.
Pinal County’s median home price also continued to erode in the third quarter, falling to $193,000 from $199,900 a year ago.
The median price has steadily deteriorated since hitting $220,000 at the end of 2005.
“My competition is the builder,” Queen Creek real estate agent Sharon Somerville said.
Please add your comments, but follow these guidelines to keep this a safe, credible place for discussing the news: