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Arizona State University Realty Studies departmentreported 9,980 home resalesd in May, up slightly from the 9,10o0 recorded in April. In May of last year, 7,210 existinyg homes were sold. Foreclosurew activity in May represented 30 percent ofall transactions, down from a recentt high of 51 percent in February. “Historically, May is one of the strongest months in the resale home season that usually lastsuntil August,” said Jay director of Realty Studies in the Morrison School of Managementf and Agribusiness at ASU. “During the resal e season, sales and median pricess tendto increase, so some improvement in the locap housing market would not be unexpected.
” While mortgages interest has crept highetr in recent weeks, rates still are attractively low. But the ongoinvg recession and a weak job market coul threaten continuedsales growth. “There is increasing hope that the housinb troubles are beginningto ebb, and the bottom, alont with a potential recovery, are in sight,” said For the traditional sales market, the median price in May was $130,000, down 42 percentg from the $224,000 of a year ago. Foreclosed properties had a medianj priceof $150,090. That’s down about $25,000 from one year ago.
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