Home sales

Home run for home sales
Median county price for existing homes skyrockets to $174,815

Glen Creno and Catherine Reagor Burrough
The Arizona Republic
Jan. 12, 2005 12:00 AM

Voracious investors and move-up buyers pushed sales and prices of existing homes to record highs in Maricopa County in 2004.

Last year, 102,115 existing Valley homes changed hands, a 38 percent jump from 2003's record of 73,785, according to the Arizona Real Estate Center at Arizona State University. The median price of a used Valley home climbed almost 13 percent last year to reach an annual record of $174,815.

Investors betting on quick gains in value and buyers looking to cash out and move to bigger and better houses are driving sales. First-time buyers are finding it increasingly difficult finding a house they can afford, especially with inventory so tight.

Anita and Pierre Cavalcanti sold their $252,000 home in Litchfield Park in just two days. They are moving to Biloxi, Miss., to be near their daughter.

"We really like Phoenix and would like to move back at some point, but by then we probably won't be able to afford the home we sold," Anita said.