PHOENIX -- While a report from the Commerce Department showed new home sales were up 8.3 percent in June, new numbers from Realty Trac showed existing-home sales in Arizona are going in the opposite direction.
"We saw residential home sales down 15 percent year-over year, which was quite a big difference (in Phoenix)," said Daren Blomquist, vice president of Realty Trac. "In Arizona, overall, these home sales were down 13 percent."
Blomquist said that's probably because house hunters in the state have fewer properties to see.
"We don't believe it has to do with the fact that all of a sudden there's less demand, but more about a lack of inventory. We see that especially with the distressed inventory," said Blomquist.
According to Realty Trac, the lack of inventory and steady demand are increasing home values in Arizona, which are up 22 percent from last June.
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