March Home Sales in Phoenix Highest Since 2007, Las Vegas March Home Sales Highest Since 2006

1. "A total of 10,352 new and resale houses and condos closed escrow in March in the Phoenix metropolitan area. That was up 44.3 percent from the month before and up 7.5 percent from a year earlier. A sharp rise in sales from February to March is normal for the season, although this year’s jump was larger than usual. March’s sales were the highest for that month since 10,712 homes sold in March 2007.  In the overall Phoenix market in March, buyers paid a median $119,000 for all new and resale houses and condos that closed escrow. That was down 0.8 percent from the month before and down 11.9 percent from a year earlier."

2. "In March, 4,953 new and resale houses and condos closed escrow in the Las Vegas metro area – the highest sales tally for any March since 2006, when 8,486 sold. March sales were up 27.3 percent from February and up 1.6 percent from March 2010. The median price paid for all new and resale houses and condos sold in the Las Vegas metro area in March was $117,000, down 1.7 percent from February and down 10.0 percent from a year ago."

MP: This seems like evidence that markets are working - bargain prices bring the buyers back into the market and home sales rise.  If we measured the housing market the way we measure car sales (in terms of units sold), we would say that the housing market is doing quite well.