MONTHLY REPORT GREATER PHOENIX HOUSING MARKET SEPTEMBER 2015

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1 Michael J Orr, Director Center for Real Estate Theory and Practice W P Carey School of Business Arizona State University November 12, 2015 MONTHLY REPORT GREATER PHOENIX HOUSING MARKET SEPTEMBER 2015 Headlines: Pricing for single family homes remained stable and positive once again during September. Compared with 12 months earlier in September 2014 we saw the following increases: o The median sales price was up 7.7% from $209,000 to $225,000, primarily due to the dwindling supply of inexpensive homes o Average price per square foot gained 4.3% from $ to $ There was an even more positive situation for townhouse/condo properties. When we compare with September 2014 we see the following annual gains: o The median sales price was up 10.2% from $127,000 to $140,000 o Average price per square foot was up 10.7% from $ to $ Sales volume was relatively robust for September. Single-family sales were 19% higher than in September 2014, a stronger comparison than for August. Townhouse/condo sales were up 9% from September 2014, the same percentage as we reported last month. Single family homes sales increased year over year in four sectors: o Normal re-sales (up 23%) o New homes (up 22%) o Investor flips (up 38%) o HUD sales (up 54% - but from a very small base) Single family home sales decreased year over year across four sectors: o Short sales and pre-foreclosures (down 17%) o Bank owned homes (down 31%) o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 55%) o Third party purchases at trustee sale (down 3%) Active listing counts (excluding homes under contract) rose during September for the first time since January, adding 6%. As of October 1, 2015 we still had 15% fewer active listings than on October 1, 2014, but this shortfall was all at the affordable end of the market. Distressed supply was down 38% from a year earlier but 6% higher than last month. Foreclosure starts on single family and condo homes rose 4% between August and September, but were down 17% from September Completed foreclosures) on single family and condo homes were up 4% from the prior month but down 20% from a year earlier. The numbers are a tiny fraction of those we saw a few years ago and, although volatile from month to month, continue to reflect a low level of distress. Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.

2 Introduction In the sections below we compare September 2015 data for Maricopa and Pinal County with that for September Individual statistics are provided in the attached tables by county and city for each of the 8 transaction types as well as the overall totals. For the rest of this report we will simplify the analysis into the following transactions types for Maricopa & Pinal County combined: 1. New homes 2. Non-distressed re-sales (including MLS and non-mls transactions plus investor flips) 3. Distressed re-sales (including short sales, pre-foreclosures, bank REOs, GSE REOs, HUD sales and third party acquisitions at trustee sales) We look at the single family homes and townhouse/condo markets both separately and together. Demand Demand weakened a little in August but closed sales bounced back in September leading to a much stronger demand picture than this time last year. Total single family, townhouse & condo sales were 17% higher than September 2014, with single family homes up 19% and townhouse & condo sales up 9%. Townhome and condo market share was 13.1%, down from 14.1% last year. The change in total dollars spent on homes was slightly more favorable than the change in the unit count. Total dollars spent on single family homes rose by 24% above September Total dollars spent on townhouses & condos rose by 19% above September Single family homes: September 2015 Units Sold Change from 2014 Total $ Change from 2014 Under $200,000 3,167 +1% $465M +4% $200,000 to $500,000 4, % $1,222M +32% Over $500, % $470M +28% All Prices 7, % $2,097M +24% Townhouse / condo homes: September 2015 Units Sold Change from 2014 Total $ Change from 2014 Under $200, % $100M +15% $200,000 to $500, % $85M +18% Over $500, % $19M +58% All Prices 1,194 +9% $204M +19%

3 For single family homes, the segment over $500,000 took 22% dollar market share, up from 21% last year. However the growth was very much in the range between $500,000 and $2 million while sales of homes over $2 million dropped 33% and the total $ collapsed 52% compared with September This is probably due to the impact of stock market volatility and uncertainties in the global economy during August and September. Entry level homes under $200,000 lost market share from 26% to 22%, due to poor supply. The mid range between $200,000 and $500,000 rose from 53% to 57%, benefitting from plenty of both supply and demand. The townhouse / condo home market bounced back in September, especially the top end of the market. Overall sales by unit rose 9% compared with last year, but unit sales over $500,000 were up 32%. Homes over $500,000 gained dollar market share from 7% to 9% while the mid range between $200,000 and $500,000 was static at 42% and the low end below $200,000 lost share from 51% to 49%. Changes in Transaction Mix For single family homes, the changes in transaction mix between September 2014 and September 2015 are illustrated in the chart below: (Note: Reverted homes are excluded from All Sales.) We saw growth in non-distressed transactions (24%) and new home sales (22%) but distressed transactions fell 21%. Reversions to lenders declined by 27%. Below is the equivalent chart for townhouse /condo properties.

4 Here we see new sales up 48% and a 12% increase in non-distressed sales, while distressed sales fell by 39% and reversions to lenders fell by 50%. Supply Our local Multiple Listing Service (ARMLS) had 21,644 active listings on October 1, 2015 across Greater Phoenix including listings under contract seeking backup offers. This total has risen 4.5% since September 1, and is 12.0% below the total on October 1, % of the active listings already have a signed contract, which is much higher than the 11.4% we recorded 12 months ago. This is partly because more agents are leaving their listings in active status (accepting backup offers) even though they have signed contracts. This has the side-effect of over-stating the real supply of homes available for sale. The number of active single family listings without an existing contract was 15,034 for the Greater Phoenix area as of October 1. This is up 5.6%, since September 1. The inventory of single family homes under $150,000 stands at a very low 32 days, down from 57 days a year ago. Overall we have seen 0.3% more new listings created in 2015 than at the same stage in 2014, and about 0.2% fewer than in 2013 and 1.9% more than in We expect the active listing counts to increase over the next 2 months, following our usual seasonal pattern. During the second half of September, the previous downward trend (after accounting for seasonality) has been reversed. Supply is now on a growing trend, though this is mostly higher priced homes and is not helping much at the entry level.

5 Pricing When we look at the individual transaction types we find the following: Single Family Average Sales Price Average $ Sep 2015 Average $ Sep 2014 % Change New Home Sales $344,424 $335, % Non-distressed Re-sales $268,225 $260, % Distressed Re-sales $182,689 $174, % All Sales $272,416 $260, % Single Family Median Sales Price Median $ Sep 2015 Median $ Sep 2014 % Change New Home Sales $292,537 $299, % Non-distressed Re-sales $220,000 $203, % Distressed Re-sales $157,374 $145, % All Sales $225,000 $209, % Single Family Average Price per Sq Ft $/SF Sep 2015 $/SF Sep 2014 % Change New Home Sales $ $ % Non-distressed Re-sales $ $ % Distressed Re-sales $96.95 $ % All Sales $ $ % Townhouse / Condo Average Sales Price Average $ Sep 2015 Average $ Sep 2014 % Change New Home Sales $313,643 $287, % Non-distressed Re-sales $159,628 $151, % Distressed Re-sales $130,095 $112, % All Sales $170,352 $156, % Townhouse / Condo Median Sales Price Median $ Sep 2015 Median $ Sep 2014 % Change New Home Sales $287,777 $242, % Non-distressed Re-sales $135,000 $125, % Distressed Re-sales $100,100 $85, % All Sales $140,000 $127, % Townhouse / Condo Average Price per Sq Ft $/SF Sep 2015 $/SF Sep 2014 % Change New Home Sales $ $ % Non-distressed Re-sales $ $ % Distressed Re-sales $ $ % All Sales $ $ % Note: the numbers in the tables above come from the latest database, rather than earlier published reports. The underlying records are continuously revised as deeds are corrected and more information becomes available.

6 Overall pricing for single family homes has been stable for the last 18 months, but moved higher during the spring of 2015 and then settled back during the summer. During September pricing moved a little higher again. This is a common seasonal pattern. Price increases are much stronger at the lower end of the market due to weak supply. At the top end of the market pricing is mixed with some areas moving down in price while others move up. Supply is plentiful at higher price points and some areas are seeing lower demand from out of state, and particularly from out of country. Pricing in the townhouse / condo sector was strong in September with a bounce back in high end condo sales compared with August. Distressed re-sale condos properties have been particularly strong in price, reflecting the low supply at price points below $200,000. The following table ranks the cities by the percentage increase in the annual average price per sq. ft. over the last 12 months for single family homes. The average for the period October 2014 to September 2015 is compared with the average for the period October 2013 to September Rank Last Month City % Change in Annual $/SF Annual $/SF September Tonopah 39% $ Wittmann 9% $ Paradise Valley 9% $ Phoenix 9% $ Gold Canyon 9% $ Apache Junction 8% $ Youngtown 8% $ Waddell 8% $ Glendale 8% $ Avondale 8% $ Buckeye 6% $ Eloy 6% $ El Mirage 6% $ Tempe 6% $ Arizona City 6% $ Tolleson 5% $ Sun City West 5% $ Mesa 5% $ Rio Verde 5% $ Queen Creek 5% $ Sun City 4% $ San Tan Valley 4% $ Surprise 4% $ Litchfield Park 4% $ Laveen 4% $ Anthem 3% $ Casa Grande 3% $ Maricopa 3% $ Cave Creek 3% $ Gilbert 3% $ Chandler 3% $ Goodyear 3% $ Florence 2% $ Scottsdale 2% $ New River 2% $122

7 36 36 Peoria 2% $ Sun Lakes 1% $ Wickenburg 0% $ Fountain Hills -1% $ Coolidge -3% $ Carefree -8% $234 We must stress that these are annual averages so they reflect long term changes rather than the latest short-term trends. We now see most of the cities in Maricopa and Pinal Counties at 5% or less. Most of the cities with higher percentage increases are being driven by higher prices for homes under $200,000 and this particularly true of the West Valley cities and West and South Phoenix. Paradise Valley has seen better pricing trends over the past year than the other more expensive cities, such as Scottsdale. We also see 4 cities (Carefree, Fountain Hills, Wickenburg and New River) with annual average prices at or below their level 12 months earlier. To these 4 we can add the 2 small markets of Morristown, Stanfield and Gila Bend. The smallest and outlying towns took a long time to recover but many are now showing strong increases in their annual average price per sq. ft. This includes Mammoth, Guadalupe, Valley Farms, Kearny, Arlington, Superior and Aguila. All of these are showing double digit rates of appreciation based on their annual average price per sq. ft. For example, Valley Farms has increased 41% from $45 to $64 per sq. ft. over the last year while Arlington has moved from $70 to $89 per sq. ft. and Guadalupe has almost doubled from $38 to $70 per sq. ft. Foreclosure Starts Foreclosure starts for single family and condo/townhouse homes rose 3% between August and September but were 17% lower than a year earlier. The breakdown by county and property type is: Foreclosure Starts Single Family Townhouse / Condo Total Maricopa County Pinal County Total We expect new foreclosures to move even further below the current low levels over the next year due to the very tight underwriting standards that have been in place since 2009, though there may be some volatility month to month. Arizona had 0.5% of first home loans in foreclosure as of September There is now only 1 state (Alaska) with a lower percentage of first home loans in foreclosure than Arizona. New Jersey has by far the highest percentage of loans in foreclosure (4.7%), followed by New York (4.0%) and Hawaii (3.7%). Foreclosure Completions

8 Completed foreclosures rose 4% between August and September but were down 20% from September Trustees have been completing foreclosures slightly faster in recent months and this has resulted in a fall in pending foreclosures. We expect completed foreclosures to stabilize at or below the current low level over the next year. New Home Sales New built single family homes saw 1,100 closings in September, 12% more than August and 22% above September The total dollar value of single family new homes closed in September was up 25% from $303 million in 2014 to $379 million in The average sq. ft. of a new single family home in September was 2,494 while the average sq. ft. of a normal re-sale was 2,036. The fact that the average new home was 22% larger than the normal re-sale confirms the extent to which homebuilders have abandoned the entry-level market in favor of the move-up market, even though this percentage has dropped slightly over the past 3 months. It also shows us why the median sales price of new homes is 31% higher than for normal re-sales, but the average price per square foot is only 3% higher. Once again, Gilbert retained its position as the top city for new home closings with 135 in September, but its nearest rivals are now Peoria with 123 and Mesa with 118. Other cities that were active for new homes include Buckeye (92), Phoenix (84), Goodyear (78), Queen Creek (75), Chandler (70), San Tan Valley (65), Surprise (45) and Maricopa (33). Builders were also busy recording deeds in Tolleson (28), Laveen (27), Florence (27) and Scottsdale (16). The market share for new single family homes went up to 13.8% in September slightly ahead of the 13.6% we saw in September New townhouse / condo closings recovered slightly in August with 82 compared to 70 in July. Though this is still a small number by historic standards, it is up 32% from August They represent only 6.9% of all townhouse/condo sales. After the first nine months of 2015 the largest developers by closed revenue are: 1. Taylor Morrison - $221M (622 units) 2. Meritage Homes - $198M (600 units) 3. Pulte Homes - $191M (618 units) 4. Toll Brothers - $133M (173 units) 5. Lennar - $124M (389 units) 6. K Hovnanian - $122M (336 units) 7. Richmond American - $117M (370 units) 8. D R Horton - $109M (512 units) 9. Shea Homes - $104M (307 units) 10. Maracay - $99M (272 units) Restricting the analysis to Age Restricted and Age Targeted communities, we see the following: 1. Robson Communities - $84M (217 units)

9 2. Pulte Homes - $46M (154 units) 3. Shea Homes - $26M (60 units) 4. Meritage Homes - $25M (117 units) 5. AV Homes - $23M (86 units) Non-distressed Re-sales This category includes normal re-sales and investor flips, but excludes newly built homes Non-distressed single family re-sales rose 24% from September 2014 to September Excluding investor flips, the percentage of normal single family re-sales that went through the MLS was 83%, down from 86% a year ago. This percentage tends to be highest in troubled markets and lower when the market is strong. Non-distressed townhouse and condo re-sales rose 12% from September 2014 to September 2015, a similar percentage jump to August. Non-distressed townhouse and condo re-sales represented 86% of the attached home transactions, up from 84% in September Excluding investor flips, the percentage of normal townhouse and condo re-sales that went through the MLS was 85%, up from 83% a year ago. Distressed Re-sales This category includes short sales, pre-foreclosures, REO sales (by banks and GSEs), HUD sales & trustee sales to third parties, but excludes reversions to beneficiaries. The total number of distressed single family sales in September was 592, down 21% from September 2014 and a far cry from the 5,459 we saw in September The total number of distressed townhouse / condo sales in September was 66, down 39% from September 2014 and a long way below the 813 we saw in September New Construction Permits Permits reported by the Census Bureau for single family homes in Maricopa and Pinal Counties have been relatively high over the last 7 months and the September total was 1,455, down 6% from August. This was up 54% from September The level of permitting still remains small by historic standards. For example the total for September 1996 was 2,323 and September 2004 totaled 4,761. The rolling 12 month average number of permits reported stands at 1,235, up from 1,179 last month. The annual rate is now 15,328, the highest level since June It now seems likely that the total number of single-family permits for Maricopa & Pinal in 2015 will be between 15,700 and 16,500. The developers are currently constrained by shortages of skilled labor in the principal building trades. This is likely to put a cap on their production and result in the number of permits growing less fast than they otherwise would. With limited affordable land and shortages of skilled labor, we expect builders to concentrate their efforts on the most profitable sectors. This will mean the lack of supply at the low end

10 is likely to remain for some considerable time while supply in the mid-range and high-end will be adequate. Multi-family permits have been on a very strong trend in the last few years although they are very volatile from month to month. They totaled a modest 400 in September. We have seen 5,524 reported year to date, which compares with 6,530 at this stage in It appears that 2014 may have been the peak year in the recent boom. Out of State Purchasers The percentage of residences in Maricopa County sold to owners from outside Arizona was 14.1% in September, up from 13.7% in August but well below the 15.5% we saw in September Californians increased their market share from 3.5% in September 2014 to 4.1% in September 2015, retaining their normal position as the largest group of out of state buyers. Canadian demand has dropped dramatically from 1.1% to 0.6% over the last 12 months. Because of the strength of the US dollar against the Canadian dollar, Arizona homes have become dramatically more expensive to Canadians since last year. In addition the energy-based economy of Alberta has been negatively affected by the sharp drop in the price of oil. As a result Canadians have sold more than twice as many homes as they have purchased in US states have moved ahead of Canada in purchases of Maricopa County homes, including Colorado (1.0%), Illinois (0.9%) and Washington (0.7%). All other states contributed 0.6% or less. Cash Buyers In Maricopa County the percentage of properties recording an Affidavit of Value and purchased without financing was 20.1% in September 2015, down from 22.5% in September We consider 7% to 12% the normal range for cash buyers, so mortgage lending still has some way to go to get back its normal share of the market. We still see low availability of finance as a significant constraint, especially for first time home buyers. Many of them find the size of the required down payment a major obstacle, real or imagined. However FHA loans have increased market share from 15% to 23% since the mortgage insurance premiums were reduced at the end of January. Investor Purchases When someone buys real property in Arizona, an Affidavit of Value is usually recorded by the county. The new owner indicates whether the property will be occupied by the owner or a family member, or instead will be rented to someone other than a family member. An owner occupier also indicates whether or not it is their primary residence or a secondary home. Studying this information gives us a good idea how many homes are being acquired by investors.

11 Affidavits are not required for HUD sales or trustee sales. HUD sales are usually oriented towards owneroccupiers while investors dominate the trustee sales. We have therefore combined HUD sales with the owner-occupied purchases and combined trustee sales to third parties with the investor purchases to estimate the percentage of the total market represented by investors. The percentage of individual single family and townhouse/condo parcels acquired by investors in September 2014 and September 2015 are as follows: Sep 2015 Sep 2014 Sep 2015 Sep 2014 Maricopa Maricopa Pinal Pinal Investor % 14.3% 14.8% 11.8% 10.3% Investor activity picked up slightly during September, particularly in Pinal County. Second Homes In September 2015, 9.7% of homes purchased with an Affidavit of Value in Greater Phoenix were owneroccupied but used as second or vacation homes. The percentage in Pinal County was a little higher (11.7%) than in Maricopa County (9.5%). Second home purchases made up 10.8% of sales in September 2014, so we are now seeing a noticeable decline in second home activity compared with a year ago. This percentage tends to drop between May and October each year, when Arizona s sunshine proves to be a bit too much of a good thing for many out of state residents. However September 2015 had the second lowest percentage of second home sales since we started tracking this data in May Rentals The number of rental homes offered for lease on ARMLS (excluding vacation rentals) was 3,319 as of October 1, This is up 3% from a month earlier and represents 1.3 months of supply. Rental demand has weakened slightly and supply is not quite so constrained except for properties below $1,300 a month. This fits a common seasonal pattern. There were 4,590 active rental listings as of October 1, 2014 one year earlier, which represented 1.5 months of supply. The average time on market for a leased home in August (excluding vacation rentals) stood at 34 days, up from 30 days last month and slightly higher than the 32 we saw for September With relatively fast turnover and low vacancy rates, rents have continuing to increase in most but not all locations. We are currently seeing an average 7.4% rise over the last 12 months across the Greater Phoenix area. Base on September leases, rents for single-family homes are increasing at 6.6% per year while townhomes, condos and apartments have increased 7.8%, despite a tighter supply for single-family homes versus demand. On October 1 we had 35 days of single family rental supply and 47 days of condo/apartment rental supply.

12 Outlook At first sight the Greater Phoenix market in September looks pretty strong. Closed sales volumes were up from August and far higher than a year ago except for distressed sales. Prices too continue to paint a positive picture. However we see signs of weakness in certain areas that suggest the fourth quarter may not be as encouraging as the first nine months of The most obvious weakness is at the top end of the market. Sales of homes over $2 million were unimpressive in August and collapsed in September. There is plentiful and growing supply in this price range and we anticipate soft pricing going forward. Concerns about lower demand in the global economy have had an almost immediate impact on demand for high end luxury homes. Below $2 million the demand picture looks healthier, largely due to lenders appetite for jumbo loans to people with strong credit. However the supply of homes in this price range is up from last year and more than adequate down to $500,000, so there is little expectation of a general rise in prices. Older and less well maintained homes are likely to sit on the market for a long time unless priced to sell quickly. Price cuts are increasing in frequency and size for these homes. New and modernized homes are likely to continue to sell more swiftly. Between $300,000 and $500,000 we see a balanced, healthy market with good supply and enough demand to keep it in check. Gradual small price increases are expected in this price range. The biggest problem we face is a huge mismatch between supply and demand below $300,000. This is likely to keep prices rising strongly and fastest for areas where the vast majority of homes are under the median sales price of $225,000. This particularly applies to inner west valley areas, including West Phoenix, Glendale, Avondale, Tolleson, El Mirage and Youngtown. It also applies to several older, less expensive parts of the valley, including West Mesa, Central Peoria and South Phoenix. Any drop in lending standards could increase demand in this price range, further exacerbating the mismatch. The strong US dollar is keeping many foreign buyers away from the market. Year to date, more than twice as many homes have been sold rather than purchased by Canadians in Maricopa County. In the last 3 months that ratio has approached 3 to 1. A similar thing is happening to Australians, though they are present in far smaller numbers than Canadians. While the dollar remains strong, and possibly gets stronger still if US interest rates rise, demand from foreign buyers could fall further. Chinese buyers are very active in some parts of the US, but most are not focused on Phoenix or Arizona and they are having little impact here. The overall supply of homes for sale started to rise during September, but the increase was small for homes under $200,000. Most of the new listings are at the higher end of the market, where supply is already plentiful. The entry level market remains hopelessly under-supplied, except in the outer fringes of the valley. This does not look likely to change in the short or medium term. A large number of existing entry-level homes are doing service as long term rentals. Much of the inventory of homes in this price range was snapped up by landlords during the great foreclosure wave of

13 and only a few of these homes are being released into the market for sale. More significant releases are unlikely while occupancy remains very high and rents continue to rise. Although price averages are likely to move in a positive direction over the next few months, this is almost all driven by entry level homes and the lower ranges of the move-up market up to $300,000. Much of the luxury market will probably tread water and several areas may decline in price until confidence returns to the stock market. The weakest luxury areas are likely to be those that depend most on out-of-state and second home buyers and those at the highest price points. Sources & Acknowledgement The sales and foreclosure transaction data used in this report was compiled by the Information Aprket LLC ( ASU wishes to thank them for their extensive cooperation in creating this report. We would also like to thank ARMLS Inc. for permission to use the active listing statistics from their monthly STAT report and Belfiore Real Estate Consulting for data related to new home construction and sales.

14 September Recorded Sales - Single Family All Sales New Home Sales Normal Resales Investor Flips Short Sales & Pre-foreclosures Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Anthem 45 $321,815 $296,000 $ $339,045 $317,000 $ $225,000 $245,000 $ $215,000 $215,000 $99.17 Apache Juntion 55 $202,959 $165,000 $ $288,432 $342,858 $ $202,549 $155,000 $ $150,400 $125,000 $ $124,000 $124,000 $ Arizona City 22 $81,664 $84,300 $ $87,504 $87,500 $61.90 Avondale 151 $187,927 $175,000 $ $239,897 $241,730 $ $188,193 $175,000 $ $210,000 $209,000 $ $171,867 $164,050 $89.52 Buckeye 233 $222,607 $185,770 $ $287,198 $253,261 $ $188,261 $160,000 $ $158,580 $160,000 $ $122,875 $124,000 $71.75 Carefree 14 $877,603 $808,830 $ $687,281 $687,281 $ $982,050 $884,000 $ $566,375 $566,375 $ $525,000 $525,000 $ Casa Grande 87 $152,076 $145,000 $ $190,590 $188,726 $ $161,646 $146,000 $ $113,800 $95,000 $ $107,300 $107,300 $59.76 Cave Creek 76 $493,028 $469,928 $ $637,956 $572,266 $ $466,833 $430,750 $ $421,864 $381,570 $ $505,000 $505,000 $ Chandler 486 $309,715 $270,000 $ $430,662 $380,573 $ $300,991 $260,000 $ $221,227 $223,750 $ $293,500 $228,000 $ Coolidge 22 $87,742 $102,772 $ $106,168 $115,500 $ $115,000 $115,000 $49.23 El Mirage 70 $141,976 $140,200 $ $146,549 $145,000 $ $140,667 $145,000 $ $121,187 $114,835 $76.72 Eloy 11 $194,197 $149,000 $ $347,878 $323,520 $ $103,830 $100,000 $69.39 Florence 60 $162,887 $146,000 $ $200,406 $180,223 $ $139,301 $134,000 $ $128,500 $128,500 $ $90,000 $105,000 $48.78 Fountain Hills 39 $440,950 $370,000 $ $454,504 $379,000 $ $269,900 $269,900 $ $285,000 $285,000 $ Gilbert 610 $310,046 $280,199 $ $373,524 $345,150 $ $297,666 $268,000 $ $284,774 $258,950 $ $233,442 $247,400 $ Glendale 425 $212,870 $195,000 $ $408,142 $281,647 $ $218,050 $203,000 $ $193,633 $185,000 $ $167,990 $169,500 $95.48 Gold Canyon 24 $300,383 $257,250 $ $322,990 $273,500 $ $178,950 $178,950 $ Goodyear 247 $254,524 $245,000 $ $287,338 $267,890 $ $244,333 $235,000 $ $185,313 $178,500 $ $219,067 $217,500 $ Laveen 92 $210,841 $200,000 $ $235,877 $231,920 $ $207,836 $192,250 $ $165,800 $165,000 $ $193,983 $184,950 $74.63 Litchfield Park 64 $289,620 $254,750 $ $401,616 $364,990 $ $285,675 $243,500 $ $200,000 $200,000 $ $180,213 $180,000 $91.32 Maricopa 160 $171,008 $162,900 $ $201,649 $205,000 $ $166,500 $155,500 $ $173,432 $170,500 $ $128,000 $128,000 $56.94 Mesa 768 $245,311 $217,433 $ $319,748 $297,891 $ $239,061 $210,000 $ $198,846 $181,000 $ $195,050 $185,750 $ New River 16 $305,948 $312,450 $ $349,342 $354,572 $ $294,355 $310,000 $ $259,900 $259,900 $ Paradise Valley 31 $1,344,253 $1,170,000 $ $3,500,000 $3,500,000 $ $1,272,395 $1,160,000 $ Peoria 390 $285,027 $259,450 $ $354,691 $325,595 $ $261,627 $235,000 $ $220,568 $220,400 $ $249,320 $224,000 $ Phoenix 1,849 $285,027 $192,000 $ $369,709 $302,495 $ ,430 $249,828 $200,000 $ $183,293 $158,950 $ $182,992 $125,644 $ Queen Creek 140 $332,251 $300,547 $ $361,479 $324,645 $ $300,314 $265,000 $ $359,500 $359,500 $ $250,000 $250,000 $ Rio Verde 5 $348,600 $300,000 $ $348,600 $300,000 $ San Tan Valley 319 $199,547 $179,000 $ $271,972 $239,230 $ $187,987 $172,500 $ $170,082 $169,900 $ $143,055 $143,500 $70.64 Scottsdale 472 $560,018 $464,450 $ $1,296,167 $1,009,726 $ $547,600 $457,500 $ $413,481 $418,500 $ $485,333 $453,250 $ Sun City 106 $160,304 $149,950 $ $130,000 $130,000 $ $162,515 $149,950 $ $186,250 $187,500 $ $177,000 $177,000 $82.33 Sun City West 90 $218,568 $194,600 $ $222,948 $205,450 $ $180,800 $180,000 $ $294,000 $294,000 $ Sun Lakes 44 $262,023 $248,500 $ $268,187 $255,000 $ $248,667 $227,000 $ Surprise 343 $228,091 $214,900 $ $258,853 $270,726 $ $228,506 $210,000 $ $202,700 $200,000 $ $187,836 $197,545 $84.88 Tempe 144 $261,061 $244,750 $ $392,500 $392,500 $ $262,348 $244,750 $ $275,923 $270,000 $ $194,633 $201,000 $ Tolleson 85 $188,652 $181,841 $ $222,197 $212,656 $ $175,614 $174,900 $ $180,331 $182,875 $ $162,500 $162,500 $80.65 Tonopah 4 $145,749 $149,998 $ $133,332 $140,000 $ $183,000 $183,000 $95.06 Waddell 26 $259,004 $258,445 $ $253,177 $264,184 $ $265,514 $263,000 $ Wickenburg 7 $210,993 $190,000 $ $231,583 $212,250 $ Wittmann 6 $296,501 $290,000 $ $335,008 $335,008 $ $266,750 $260,000 $ $377,000 $377,000 $92.79 Youngtown 8 $126,588 $133,500 $ $126,588 $133,500 $90.55 Maricopa County 7,091 $282,159 $235,000 $ $360,138 $302,920 $ ,174 $282,657 $230,000 $ $216,453 $190,000 $ $214,430 $182,950 $ Pinal County 828 $188,974 $166,500 $ $256,011 $221,131 $ $182,721 $162,000 $ $157,540 $165,000 $ $134,010 $135,000 $70.28 Total 7,919 $272,416 $225,000 $ $344,424 $292,537 $ ,705 $273,355 $223,000 $ $212,164 $189,000 $ $204,945 $174,000 $102.86

15 September Recorded Sales - Single Family Bank Owned Sales Fannie Mae / Freddie Mac Sales HUD Sales Foreclosure - Trustee Sold to 3rd Party No Bidders at Auction - Reverted to Lender Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt Anthem 2 $184,450 $184,450 $ Apache Juntion 1 $135,000 $135,000 $ $251,912 $113,699 $ Arizona City 1 $85,600 $85,600 $ $55,863 $43,450 $43.65 Avondale 6 $157,750 $153,000 $ $170,000 $170,000 $ $161,000 $161,000 $ $160,400 $171,000 $ $271,333 $260,000 $86.63 Buckeye 4 $124,381 $138,762 $ $183,250 $183,250 $ $138,600 $138,600 $ $131,775 $126,301 $ $186,459 $180,000 $87.84 Carefree Casa Grande 7 $133,050 $120,750 $ $35,900 $35,900 $ $63,739 $63,739 $ $77,530 $66,340 $ $142,776 $140,827 $66.83 Cave Creek 1 $455,000 $455,000 $ $260,500 $260,500 $ $360,000 $360,000 $ Chandler 6 $215,850 $193,138 $ $144,000 $144,000 $ $196,100 $196,100 $ $201,191 $189,000 $ $211,519 $178,011 $ Coolidge 2 $41,792 $41,792 $ $50,000 $50,000 $ $67,822 $67,822 $ $29,872 $29,872 $ $51,500 $51,500 $41.28 El Mirage 2 $139,974 $139,974 $ $135,000 $135,000 $ $135,107 $135,107 $ $119,067 $117,600 $ $147,702 $143,000 $88.33 Eloy 1 $158,500 $158,500 $ $67,000 $67,000 $ $30,110 $30,110 $19.91 Florence 1 $74,100 $74,100 $ $29,882 $29,882 $24.57 Fountain Hills 1 $280,000 $280,000 $ $320,000 $320,000 $ Gilbert 8 $218,083 $197,513 $ $204,000 $204,000 $ $219,092 $229,900 $ $194,665 $202,841 $94.00 Glendale 10 $179,382 $155,000 $ $190,400 $171,000 $ $152,037 $156,111 $ $181,098 $144,876 $ $214,842 $168,426 $ Gold Canyon 1 $259,500 $259,500 $ $132,000 $132,000 $ $416,297 $185,000 $ Goodyear 2 $164,413 $164,413 $ $217,000 $217,000 $ $235,600 $213,500 $ $232,468 $175,800 $97.90 Laveen 2 $141,575 $141,575 $ $224,900 $224,900 $ $135,900 $135,900 $ $297,352 $199,844 $ Litchfield Park 1 $377,000 $377,000 $ $237,200 $237,200 $ $209,950 $209,950 $ $371,485 $211,000 $ Maricopa 4 $151,669 $135,000 $ $134,750 $129,500 $ $132,401 $132,401 $ $117,213 $125,176 $ $129,891 $129,891 $84.56 Mesa 18 $191,870 $156,282 $ $192,500 $192,500 $ $156,000 $156,000 $ $174,327 $150,500 $ $220,308 $186,000 $ New River Paradise Valley 1 $1,969,359 $1,969,359 $ Peoria 1 $346,000 $346,000 $ $241,721 $280,250 $ $97,837 $97,837 $ $137,778 $129,000 $ $169,282 $143,008 $ Phoenix 40 $171,114 $142,665 $ $167,103 $148,250 $ $109,045 $102,550 $ $150,566 $121,000 $ $163,579 $141,430 $ Queen Creek 1 $273,000 $273,000 $ $247,000 $247,000 $ $95,000 $95,000 $77.24 Rio Verde San Tan Valley 3 $155,308 $136,000 $ $156,060 $156,060 $ $133,750 $133,750 $ $122,547 $119,000 $ $139,833 $137,000 $91.81 Scottsdale 7 $495,421 $472,000 $ $344,403 $335,500 $ $473,268 $348,451 $ Sun City 2 $93,700 $93,700 $ $177,250 $177,250 $ $111,726 $94,651 $ $166,000 $166,000 $92.32 Sun City West 1 $189,000 $189,000 $ $125,500 $125,500 $ $197,200 $197,200 $ Sun Lakes 1 $195,000 $195,000 $ $117,825 $117,825 $ $279,100 $279,100 $ $291,000 $291,000 $ Surprise 5 $162,800 $175,000 $ $192,300 $199,900 $ $164,825 $164,825 $ $183,700 $190,450 $ $182,850 $187,500 $91.30 Tempe 3 $242,200 $255,000 $ $190,654 $164,600 $ $203,183 $213,000 $ Tolleson 2 $94,500 $94,500 $ $155,800 $155,800 $ $150,000 $150,000 $93.05 Tonopah Waddell 1 $145,600 $145,600 $ $285,282 $285,282 $93.78 Wickenburg 1 $87,450 $87,450 $ $65,000 $65,000 $82.07 Wittmann Youngtown Maricopa County 124 $199,800 $165,000 $ $189,132 $174,000 $ $137,319 $138,600 $ $177,464 $160,000 $ $236,355 $177,988 $ Pinal County 18 $135,146 $127,962 $ $126,752 $130,000 $ $91,311 $95,644 $ $100,722 $106,000 $ $205,694 $137,000 $ Total 142 $191,604 $160,615 $ $173,855 $171,000 $ $122,434 $119,386 $ $164,525 $138,601 $ $231,947 $172,450 $120.84

16 September Recorded Sales - Townhouse / Condo All Sales New Home Sales Normal Resales Investor Flips Short Sales & Pre-foreclosures Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Anthem 3 $150,500 $155,000 $ $150,500 $155,000 $ Apache Juntion 5 $97,826 $122,000 $ $123,696 $122,000 $ $59,023 $59,023 $69.85 Arizona City Avondale 1 $56,000 $56,000 $ $56,000 $56,000 $68.46 Buckeye 4 $285,309 $292,386 $ $303,745 $294,280 $ $230,000 $230,000 $ Carefree 2 $310,250 $310,250 $ $418,500 $418,500 $ $202,000 $202,000 $97.02 Casa Grande 3 $110,833 $110,000 $ $110,833 $110,000 $84.99 Cave Creek 2 $296,450 $296,450 $ $252,900 $252,900 $ $340,000 $340,000 $ Chandler 50 $186,682 $147,500 $ $346,146 $362,342 $ $158,454 $133,000 $ $110,000 $110,000 $ Coolidge El Mirage Eloy 2 $222,631 $222,631 $ $222,631 $222,631 $ Florence Fountain Hills 16 $204,125 $192,500 $ $204,125 $192,500 $ Gilbert 28 $156,189 $167,500 $ $179,000 $179,000 $ $157,844 $165,000 $ $67,179 $67,179 $82.63 Glendale 44 $85,055 $70,000 $ $88,823 $70,000 $ $74,725 $78,700 $71.18 Gold Canyon 2 $217,950 $217,950 $ $255,900 $255,900 $ $180,000 $180,000 $ Goodyear 14 $232,146 $249,185 $ $271,049 $268,833 $ $162,120 $160,000 $ Laveen 1 $140,000 $140,000 $ $140,000 $140,000 $ Litchfield Park 3 $218,333 $208,000 $ $218,333 $208,000 $ Maricopa 1 $210,361 $210,361 $ $210,361 $210,361 $ Mesa 169 $131,910 $122,000 $ $245,935 $206,450 $ $125,233 $120,000 $ $116,042 $111,000 $ $95,750 $84,500 $ New River Paradise Valley 9 $195,556 $160,000 $ $195,556 $160,000 $ Peoria 26 $117,806 $104,950 $ $122,541 $109,900 $ $88,000 $88,000 $82.09 Phoenix 383 $141,680 $118,000 $ $225,864 $172,095 $ $139,518 $116,750 $ $117,966 $69,000 $ $113,505 $129,000 $ Queen Creek Rio Verde 1 $287,000 $287,000 $ $287,000 $287,000 $ San Tan Valley Scottsdale 259 $176,463 $225,000 $ $458,771 $442,764 $ $252,191 $200,000 $ $240,800 $249,000 $ $390,733 $461,700 $ Sun City 76 $90,840 $86,750 $ $90,212 $85,000 $ $129,000 $129,000 $62.93 Sun City West 20 $141,384 $136,250 $ $141,384 $136,250 $98.67 Sun Lakes 7 $201,000 $203,000 $ $201,000 $203,000 $ Surprise 14 $90,191 $94,687 $ $90,191 $94,687 $ Tempe 50 $168,457 $158,948 $ $282,940 $282,940 $ $173,291 $164,948 $ $113,000 $113,000 $ $136,000 $126,000 $ Tolleson Tonopah Waddell Wickenburg 1 $93,900 $93,900 $ $93,900 $93,900 $ Wittmann Youngtown Maricopa County 1,183 $170,592 $140,000 $ $323,144 $292,386 $ $160,689 $135,000 $ $142,615 $97,000 $ $166,660 $129,000 $ Pinal County 14 $150,011 $130,794 $ $171,118 $168,425 $ $127,635 $110,000 $ $180,000 $180,000 $ Total 1,197 $170,351 $140,000 $ $313,642 $287,777 $ $160,454 $135,000 $ $143,363 $98,000 $ $166,660 $129,000 $109.63

17 September Recorded Sales - Townhouse / Condo Bank Owned Sales Fannie Mae / Freddie Mac Sales HUD Sales Foreclosure - Trustee Sold to 3rd Party No Bidders at Auction - Reverted to Lender Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Qty Average Median Average Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Sold Sale Price Sale Price $/SqFt Unsold Opening Bid Opening Bid $/SqFt Anthem Apache Juntion Arizona City Avondale Buckeye Carefree Casa Grande Cave Creek Chandler 1 $99,574 $99,574 $ $73,201 $73,201 $ $128,300 $128,300 $83.86 Coolidge El Mirage Eloy Florence Fountain Hills Gilbert 1 $181,000 $181,000 $ $210,431 $210,431 $ Glendale 1 $47,500 $47,500 $ $55,000 $55,000 $ $54,601 $54,601 $53.22 Gold Canyon Goodyear Laveen Litchfield Park Maricopa Mesa 2 $96,550 $96,550 $ $78,750 $78,750 $ $126,092 $86,850 $ $110,500 $110,500 $93.25 New River Paradise Valley Peoria 1 $111,500 $111,500 $ $45,000 $45,000 $ $79,820 $79,820 $79.11 Phoenix 5 $115,042 $83,212 $ $91,000 $91,000 $ $120,804 $135,000 $ $88,422 $91,000 $ $129,786 $116,650 $ Queen Creek Rio Verde San Tan Valley Scottsdale 2 $401,537 $401,537 $ $178,825 $147,750 $ $108,915 $87,800 $ Sun City 2 $84,150 $84,150 $ $87,500 $87,500 $ $114,000 $114,000 $ $80,462 $80,462 $71.52 Sun City West 1 $118,497 $118,497 $ Sun Lakes Surprise Tempe 1 $162,000 $162,000 $ $127,000 $127,000 $ $132,750 $107,000 $ Tolleson Tonopah Waddell Wickenburg Wittmann Youngtown Maricopa County 15 $144,017 $99,574 $ $87,000 $83,500 $ $117,682 $135,000 $ $113,697 $95,600 $ $118,191 $100,250 $ Pinal County Total 15 $144,017 $99,574 $ $87,000 $83,500 $ $117,682 $135,000 $ $113,697 $95,600 $ $118,191 $100,250 $108.33

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