August 18, 2015

Single-home sales and permits for June strong; Small towns showing double-digit rates of appreciation

June marked the second highest month of new-built, single-family home sales over the last four years, with 1,054 homes being sold according to latest housing market report released by from the W. P. Carey School of Business at Arizona State University. Only December 2012 was slightly higher at 1,082 homes. Permits to construct single-family homes were also at the highest levels since August 2007 and up 27 percent from June 2014 with 1,663 permits reported.

Sales on existing single-family homes rose nine percent from May to June and were 22 percent higher than in June 2014. Townhomes and condo sales were up as well, increasing five percent over May and 28 percent since June 2014.

“Demand for homes is back to normal,” said Michael Orr, director of the Center for Real Estate Theory and Practice and author of the report. “March through June are always big months for home sales but the numbers for June were exceptional.”

Additionally, small, outlying towns are now showing dramatic increases in their annual average price per square feet. Superior, Mammoth, Winkelman, Guadalupe, Kearny, San Miguel, Arlington, Stanfield and Aguila are all showing double-digit rates of appreciation based on their annual average price per square foot.

“The smallest towns took a long time to recover from the recession, but many are now gaining traction and showing healthy increases,” said Orr.

Highlights from the June 2015 report:

  • Mid-range ($200,000-$500,000) townhomes and condos had the largest increase in demand, with total spending on them up 44 percent from June 2014. Mid-range single-family homes were second, increasing 38 percent from June 2014 with townhomes and condos priced under $200,000 taking third by increasing 34 percent over last year. 
  • Pricing for single-family homes as well as townhouses and condos declined since May but the monthly median sales prices are up 5.7 percent and 7.9 percent, respectively, from June 2014.
  • Active listing counts (excluding homes under contract) fell another 5 percent in June, and 20 percent over the year prior, continuing a trend of tightening supply. 
  • Foreclosure rates are now well below normal and are starting to decline again.

Listen to Orr’s insights on the June report on a podcast.

Additional information on demand, supply, pricing, foreclosure starts and completions, home sales, permits, purchasers and the rental market can be found on the complete 12-page report at The premium site includes statistics, charts, graphs and the ability to focus in on specific aspects of the market. For more about Orr’s work, see

 The W. P. Carey School of Business at Arizona State University is one of the top-ranked business schools in the United States.The school is internationally regarded for its research productivity and its distinguished faculty members, including a Nobel Prize winner. Students come from about 100 countries and include about 50 National Merit Scholars. For more information, please visit and