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There was good news and bad news for local home sales in March. There were more sales than in the recent past, but totals still lagged compared to March numbers over the past few years.
Arizona State University's Realty Studies program reports 5,385 sales in March, compared with 4,520 in January and 4,280 in February. It was the strongest month since 5,685 were recorded in August 2006.
March typically is a strong month for home sales, but 2007 numbers paled in comparison to recent years. There were 7,265 sales in March 2006 and 10,035 sales in March of 2005. This year's numbers were similar to those of 2002.
"While the resale market is tracking near historical norms, the levels should be well below those of the last few years, because the current market lacks the market frenzy to own and invest at almost any price and reasoning," said Jay Butler, director of Realty Studies at ASU's Polytechnic campus. "The general expectation is that the 2007 resale housing market should be a good year. but no where near the records, assuming that there are no negative geopolitical events and that the sub-prime problem remains fairly contained."
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