MONTHLY REPORT – GREATER PHOENIX HOUSING MARKET – JUNE 2012
(published August 8, 2012 by Michael Orr)
Headlines:
• Single family home prices were little changed between May and June 2012 but are confirming a significant recovery when compared with June 2011:
o The median sales price is up 29.3% from $116,000 to $150,000
o Average price per square foot is up 21.3% from $80.85 to $98.11
• Townhouse/condo prices behaved similarly between June 2011 and June 2012: o The median sales price is up 32.3% from $68,000 to $90,000
o Average price per square foot is up 20.8% from $81.66 to $98.66
• Overall supply (excluding homes already under contract) is down 33% on August 1 2012 compared with August 1, 2011, and distressed supply is down 68% over the same time frame.
• Foreclosure starts on single family and condo homes fell 14.9% between May and June 2012 and were down 12.1% from June 2011
• Recorded trustee deeds (completed foreclosures) on single family and condo homes were down 14% between May and June 2012 and were down 56% from June 2011
• 69% fewer single family homes reverted to lenders at trustee sale compared with June 2011
• Sales of single family homes were 15.7% lower than in June 2011, constrained by lack of supply
• The percentage of residential properties purchased by investors continues to rise
• Single family home sales increased year on year for
o New homes (up 39%)
o Normal re-sales (up 59%)
o Short sales and pre-foreclosures (up 8%)
• Single family home sales reduced year on year for:
o Investor flips (down 16%)
o Bank owned homes (down 62%)
o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 81%)
o HUD sales (down 53%)
o Third party purchases at trustee sale (down 35%)
Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.
