Tuesday, August 16, 2005

Greater Phoenix Home Prices Jump 47% in Year   The Greater Phoenix area led the nation in home price increases over the last 12 months, at a pace nearly triple that of the rest of the country.  Equally significant, was the 47 percent median price hike for existing Valley homes. By the end of July that price had reached $255,000, according to the Arizona Real Estate Center.   During this same period, the typical U.S. home price rose only 13.6 percent.   Out-of-state investors have been one of the driving forces behind the Valley's home-buying frenzy over the last several months. Here, Californians and baby boomers accounted for a large portion of the sales.   A breakdown of median price increases for key Valley communities from July, 2004 to July, 2005: Phoenix - $144,900 to $197,00 Scottsdale - $389,000 to $560,000 Mesa - $159,220 to $230,000 Tempe - $186,900 to $270,000 Gilbert - $212,000 to $315,000 Chandler - $184,895 to $282,000 Glendale - $162,000 to $225,000 Avondale - $163,125 to $250,000 Goodyear - $172,330 to $274,950 Surprise - $165,000 to $250,000 Numbers of sales have also risen sharply in 2005, totalling 68,235 through July. In 2004, the figure was 56,745 for the same period.   Earlier in 2005, Las Vegas was the national leader for home price increases. 10:38:42 PM    comment []