1:06 PM MST Tuesday

The Valley's resale home market jumped 38 percent in 2004, rising from 73,785 homes changing hands in 2003 to 102,115 recorded sales last year.

Since 2000, the local resale housing market has consistently set new records, officials of the Arizona Real Estate Center at the East College at Arizona State University said Tuesday.

For the year, the median home price increased 22 percent, going from $156,000 in January to $190,000 in December.

The median square footage for a single-family home sold in 2004 was 1,685 square feet, while it was reported as 1,670 square feet in 2003.

"There are four basic motivations that drive home buyers: the need for housing, especially for new residents; the desire to own, not rent; the dream to improve current housing; and/or to invest in housing as a rental or seasonal home," said Dr. Jay Q. Butler, Arizona Real Estate Center director.

Looking across the Valley:

1. • Recorded sales in Phoenix improved from 20,100 to 27,075 sales, while the median sales price increased from $126,000 to $139,500.

2. • Scottsdale's resale market increased by nearly 2,100 sales to 9,485 sales in 2004. The median sales price also continued its strong upward movement from $322,000 to $385,000.

3. • The resale market in Mesa also expanded from last year's 9,205 sales to 12,310 sales. The median price increased from $141,000 to $158,000.

4. • Glendale sales activity increased from 6,345 sales to 7,695 sales, while the median sales price increased from $142,000 to $158,900.

5. • The Sun City West resale market increased from 1,035 sales to 1,065 sales, and the median sales price also increased from $144,500 to $165,000. In Sun City, sales activity improved from 1,770 sales to 2,065 sales while the median sales price increased from $118,000 to $136,925.

6. • The Gilbert resale market jumped from 1,755 resales to 6,310 sales in 2004 while the median sales price improved from $174,500 to $205,000.

7. • Chandler's resale market improved from 5,610 to 7,280 sales, while the median sales price increased from $162,000 to $186,000.

8. • The resale market in Tempe expanded from 2,205 sales to 2,530, while the median sales price moved from $166,925 to $182,000.

9. • Avondale's resales jumped from 1,080 to 2,145, with the median sales price jumping from $148,800 to $163,000.

10. • El Mirage's resale market more than doubled to 1,340 sales and the median sales jumped nearly $17,000 over the year to $134,900.

11. • In Goodyear, the resale market increased from 920 in 2003 to 1,900 sales in 2004, with the median sales price posting an increase from $163,500 to $183,000.

12. • And the Surprise housing resales jumped from 1,865 to 3,685 sales and the median sales price jumped from $140,000 to $164,900.

The highest median sales price was in Paradise Valley at $925,000 with a median square footage of 3,525 square feet.

Butler noted that low interest rates continue to support the strong housing market.

With that in mind, Butler said in order to sustain home buyer motivation, the economic recovery must continue, home prices must not rise so quickly as to result in affordability issues and future traumatic events must be limited.

For more: www.east.asu.edu.