Home sales rose 3 percent in April from March and 9 percent from April 2014, reports from Arizona State University’s W. P. Carey School of Business. April was the third straight month for rising home sales in the Valley.
“Boomerang buyers — those who have repaired their credit after foreclosure or short sale several years ago — are fueling the recovery,” Mike Orr, director of the Center for Real Estate Theory and Practice at W.P. Carey tells Catherine Reagor at The Arizona Republic
The uptick in home sales wasn’t enough to boost home prices again as the Valley’s median dipped 1 percent to $215,000 between March and April.
If the supply of homes for sale continues to fall and demand continues to climb, prices could begin rising again soon.
Home listings dropped 2.8 percent in April from March and are about 20 percent lower than in May of 2014.
