Sale of existing homes in the Valley hit 55,370 last year, according to the Arizona State University's Real Estate Center. That represents a 2% drop off from the prior year, when a record was set with 56,365 resales.
"The housing market should continue to slow this year, but not by much, particularly with recent dips in interest rates," says Jay Butler, director of the Real Estate Center.
While sales slowed during the year, the price paid by buyers went up. The median price for an existing home increased by more than 7% to $128,900. In 1999, the average home sold for $120,000.
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