'88 valley home sales lowest since 1982. (Phoenix)

'88 Valley Home Sales Lowest Since 1982

Fewer homes were sold in 1988 than in any year since the 1982 recession, and price increases were smaller than in any year since 1982. These conditions created a good market for homebuyers, but a potentially difficult market for sellers, resulting in low appreciation rates and a longer-than-average time required to sell the typical home.

Many factors contributed to the weak local real estate market, including prior overbuilding, high vacancy rates, low job growth and low net in-migration. These factors seem to have bottomed out, but the real estate market will continue to feel their impact for some time.

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