The Phoenix real estate market continued to thrive in October, posting strong gains for home sales and prices.
According to DataQuick, a total of 8,837 new and resale houses and condos were sold in the Phoenix region, a 12.7 percent increase from the previous month. Compared to October 2011, home sales were 9.8 percent.
Additionally, the median price for these types of properties was $160,000, a 3.2 percent bump from September and 32.2 percent increase from a year ago. This marked the highest price in the market since November 2008 when it was $162,984.
According to a separate report from the W.P. Care School of Business at Arizona State University, the supply in the Phoenix area market improved in October as well. After seeing a short supply for many months, the market saw a 31 percent increase in homes available for sale in the past three months.
With more homes available for sale, an increasing amount of buyers may enter the home buying market, as they will be more likely to find a property they are willing to buy.