PHOENIX — While a report from the Commerce Department showed new home sales were up 8.3 percent in June, new numbers from Realty Trac showed existing-home sales in Arizona are going in the opposite direction.
“We saw residential home sales down 15 percent year-over year, which was quite a big difference (in Phoenix),” said Daren Blomquist, vice president of Realty Trac. “In Arizona, overall, these home sales were down 13 percent.”
Blomquist said that’s probably because house hunters in the state have fewer properties to see.
“We don’t believe it has to do with the fact that all of a sudden there’s less demand, but more about a lack of inventory. We see that especially with the distressed inventory,” said Blomquist.
According to Realty Trac, the lack of inventory and steady demand are increasing home values in Arizona, which are up 22 percent from last June.
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier
- Three elements of a strong timeshare exit guarantee
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food