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Existing Homes Sales Off Slightly in 2000 and Expected to Drop More

PHOENIX-Sale of existing homes in the Valley dropped by approximately 2%, but the drop was offset by an overall 7% increase in median price.

By D.J. Burrough | Updated on January 10, 2001

PHOENIX-Home sales in the Valley were off last year and are expected to soften even more in 2001, but they won’t drop off so much that the housing boom will be over.

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.

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