Sales of previously owned homes and condominiums hit their highest level for a November in seven years. The median home price for the Phoenix area hit $167,500 last month, a four-year high, according to real estate firm DataQuick.
The median price was up 4.7% from October and up 31.9% from November 2011 -- marking the 12th consecutive month with a year-over-year gain.
“Prices have risen as greater demand has met a relatively low supply of homes for sale,” DataQuick said in a news release. “But the median has also been pushed higher by a big shift in the types of homes selling this year compared with last. More homes selling today are higher-cost move-up homes and fewer are lower-cost foreclosed properties.”
The decline in foreclosed homes selling on the market has helped the area recover. Foreclosure resales — sales of homes that were foreclosed on in the last year — fell to 17.2% of the area's home resale market last month. That was the lowest level since December 2007 and down sharply from March 2009, when foreclosures accounted for 66.2% of homes sold in the Phoenix area.
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