GILBERT, AZ - The Valley housing market is showing signs it may be in a slump.
According to a new report from ASU's W.P. Carey School of Business, single-family home sales are down 11 percent from last June.
This comes even though median single-family home prices went up 11 percent since last June from $190,000 to $211,000.
The report states that luxury home sales are still doing well in the market but investors are finding better bargains for homes in other states.
Realtor Marge Peck says, “The investors have left town and they did a long time ago.”
Gilbert resident Paula Long and her family have been trying to sell their home since October 2013. She says, “No one can explain why my house hasn’t sold, we’ve lowered the price three times.”
Peck says there just aren’t many buyers right now. “I’m still seeing a lot of homeowners who are hurting financially.” She adds, “They’re just really concentrating on feeding their families, clothing them and paying a house payment.”
Long says selling her previous home was not this hard. “We’ve sold a lot of property over the years and it’s never taken this long.”
While existing home sales were sluggish, the report find new-home sales went up 5 percent from May to June and seems to be holding fairly steady.