Phoenix-region homes sales increase during January

January homes sales for the Phoenix area rose to the highest level for that month in five years, according to San Diego-based DataQuick. A total of 7,123 condos and new and resale houses for sale in Phoenix closed escrow during January in the combined Maricopa-Pinal counties metro area.

Homebuyers with growing families may wish to focus their attention on resale homes, which had a stronger market than new properties sales. The month’s new-home sales were 66 percent below average for the month. In contrast, the number of January home resales rose 17.5 percent than the month’s average, and was the highest for that month since January 2006. Younger buyers may find the condo market in Phoenix-Mesa to be close to the action, yet still affordable.

The market is strengthening, creating a slight increase in home prices. First-time homebuyers or individual’s seeking a bargain may wish to consider buying before the market picks up speed. The number of new and resale homes that sold for less than $100,000 fell 7.3 percent in the last year, according to the source.