Tribune - February 2008
Pinal County home sales showed some improvement in the final months of 2007, though sales remained down overall for the year.
A total of 1,145 existing homes were sold in the fourth quarter - an 83 percent spike from the previous three months and a nearly 60 percent gain over a year ago, a report by Arizona State University's Realty Studies department shows.
A steep decline in home prices in the past year has made houses in the region more affordable and attractive to investors, according to the study.
"Although affordability has improved, higher gasoline prices, more congested highways and limited employment opportunities continue to strongly hamper any potential recovery of the housing market in Pinal County," Realty Studies director Jay Butler said.
Overall last year, 3,580 existing Pinal County homes were sold, a 7.3 percent drop from 2006. The median sales price in the fourth quarter was $174,000, down from $191,500 a year ago.
