Sign In / Sign Out
- ASU Home
- My ASU
- Colleges & Schools
- Map & Locations
In a month traditionally marked with lower home sales, July remained strong. Although lower than June’s figures by 11 percent, sales in July were the second highest this year and 19 percent higher than July 2014, according to the latest housing market report released by from the W. P. Carey School of Business at Arizona State University. Townhouse and condo sales were even more impressive, increasing 32 percent from one year ago.
“We’re accustomed to July being a weaker month for pricing, but the strong sales figures are an unexpected, pleasant surprise,” said Michael Orr, director of the Center for Real Estate Theory and Practice and author of the report.
Appreciation for single-family homes remained stable during July, hovering around five percent. In a consistent seasonal pattern, home prices usually wobble sideways or even lower each summer, but compared with 12 months earlier in July 2014 there was substantial progress especially against a backdrop of near zero overall inflation.
“Although five percent usually brings a yawn from people these days, it’s a notable appreciation rate when we have no inflation elsewhere,” said Orr.
The median sales price was up 5.7 percent from $210,000 to $222,000, and the average price per square foot gained 4.3 percent from $125.65 to $131.04. Townhouse and condo properties remain similarly stable in pricing with sales prices up 4.6 percent to $136,000 and an average price per square foot up 5.6 percent to $130.94.
Additional highlights from the July 2015 report:
Additional information on demand, supply, pricing, foreclosure starts and completions, home sales, permits, purchasers, and the rental market can be found on the complete report at wpcarey.asu.edu/realtyreports. 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 http://research.wpcarey.asu.edu.