The latest report released today by the Arizona Regional Multiple Listing Service Inc. shows a drop in the number of residential sales transactions and a small dip in sales prices for the Phoenix metro area in October.
There were 7,563 sales in October, down from an average of 8,552 a month for the previous 11 months. However, October sales were above October 2010, when there were 6,593.
Transaction velocity normally drops off in the fall, so the market retraction is not unexpected.
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