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Housing Affordability

Description: 

These data are compiled by ASU Realty Studies, which presents annual and quarterly data on sales and affordability as well as construction, office, and retail activity in Arizona.

Data Source: 

ASU Realty Studies: http://realty.wpcarey.asu.edu
 

Data Quality Comments: 

iconQuarterly Home Sales and Median Sales Price in Greater Phoenix

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Visualization Notes:

The median sales price for all homes in Greater Phoenix has been dropping since the first quarter of 2007 and reached a new low of $136,460 in the third quarter of 2010. The number of total sales of single-family homes fell to a low of 17,835 in the first quarter of 2008 and had rebounded to 32,975 by the second quarter of 2010, before dropping slightly in the third quarter of 2010. The general increase in sales activity is in part a reflection of the affordability of the Phoenix housing market.

iconAnnual Housing Affordability in the Greater Phoenix Area

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Visualization Notes:

Since 1985, ASU Realty Studies has computed affordability indexes for Greater Phoenix. When the index value is 100, the typical home buyer (based on the current median resale price and household income) will be able to afford a median-priced home at the stated effective interest rate. A lower index value indicates less affordable single-family homes, but does not take into account alternative housing forms such as townhouse/condominiums or manufactured housing. Just as changes in the median sales price can affect the affordability index, changes in any of the other assumptions used to compute the index also will impact its value. A key assumption is that a household earns the median income.

iconAnnual Property Sales in Greater Phoenix

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Visualization Notes:

The total number of annual property sales in Greater Phoenix peaked in 2005 at 178,410 and then dropped to the low of 97,140 in 2007.  In 2008 and 2009, single family and townhouse/condominium resale grew, with townhouse/condominium resale continuing to show growth in 2010, while single family resale decreased.  Since 2005, single family new sales have decreased, while townhouse/condominium new sales increased in 2006 and has since declined.  The total number of annual property sales in Greater Phoenix is 131,210 for 2010.


iconMedian Sales Price for Properties in Greater Phoenix

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Visualization Notes:

The median property sales price in Greater Phoenix peaked in 2006 at $264,900. By 2010, this amount had dropped to $140,000 due to the economic recession.