MONTHLY REPORT GREATER PHOENIX HOUSING MARKET SEPTEMBER 2013

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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 1, 2013 MONTHLY REPORT GREATER PHOENIX HOUSING MARKET SEPTEMBER 2013 Headlines: As forecast, single family home prices have started moving up again after the summer doldrums. We measure dramatically higher pricing levels compared with September 2012: o The median sales price is up 33% from $150,000 to $199,000 o Average price per square foot is up 22% from $98.14 to $ Townhouse/condo prices followed a similar pattern and also show large gains over the past 12 months: o The median sales price is up 30% from $90,000 to $117,000 o Average price per square foot is up 22% from $95.24 to $ Supply is rising. Active listings (excluding homes already under contract) rose 12% over the last month. As of October 1, 2013 we had 32% more active listings than at the start of October In contrast, distressed supply was down 28% from 12 months ago. Foreclosure starts on single family and condo homes dropped another 17% between August and September and were down 61% from September Recorded trustee deeds (completed foreclosures) on single family and condo homes were down 5% between August and September and down 63% from September Demand is falling. Sales of single family homes were 9% lower than in September 2012 while sales of townhouse/condos were flat. The percentage of residential properties purchased by investors fell from 23.7% in August to 22.7% in September, continuing a decline from the peak of 39.7% in July Single family home sales increased year on year for the following sectors: o Normal re-sales (up 35%) o New homes (up 23%) Single family home sales fell year on year for all other sectors: o Investor flips (down 10%) o Short sales and pre-foreclosures (down 67%) o Bank owned homes (down 37%) o GSE (Fannie Mae, Freddie Mac, etc.) owned homes (down 45%) o HUD sales (down 41%) o Third party purchases at trustee sale (down 68%) Unless otherwise stated all the statistics shown are for Maricopa and Pinal Counties combined.

2 Introduction Home sales in September (single family, townhouse & condo) were 11% below August. They were also 8% below the total for September However because of the significant price rises, the total dollars spent on homes have grown dramatically over the past twelve months: Total dollars spent on single family homes increased by 16% over September Total dollars spent on townhouses & condos increased by 24%. In the sections below we compare September 2013 data for Maricopa and Pinal County with that for September We analyze volumes and pricing for 8 different transaction types as well as for the overall totals. Individual statistics are also provided in the attached tables by county and city. This report concentrates on single family homes but detailed statistics for townhouse/condo properties are shown in the tables. Demand Demand is weakening and single family home sales fell 12% in September compared with August. At the top end of the market sales of single family homes over $500,000 grew 51% over September Sales of single family homes below $150,000 fell 45%. This fall was largely caused by lack of distressed supply. There are far fewer lender owned homes, short sales and trustee sales available than there were in September September 2013 Units Sold Change from 2012 Total $ Change from 2012 Under $150,000 2,131-45% $234M -40% $150,000 to $500,000 4, % $1,173M +31% Over $500, % $365M +52% All Prices 7,143-9% $1,772M +16% The situation has changed dramatically from September 2012 when the luxury market was 39% smaller than the low end market in terms of dollars spent. In contrast 56% more dollars were spent on homes over $500,000 in September 2013 than on homes under $150,000. However, this is partly because many homes that were valued at less than $500,000 in 2012 are now priced over $500,000. Similarly, many homes that would have been under $150,000 last year are now priced well over $150,000. The demand for luxury homes has been stimulated by advances in the stock market and a significant increase in the availability of jumbo loans. Luxury homes grew their market share from 16% to 21% of the dollars spent while the lowest-priced homes fell from 26% to 13%. The mid range is more balanced, growing from 58% to 66% of dollars spent, but the buoyant sales in the mid-range are partly due to far more supply than last year. This mid-range is where almost all new construction is focused and, as active existing home supply increases, the additional supply is highly concentrated in this price segment and is growing very fast. Demand for starter homes is limited by the difficulty of qualifying for loans by first time buyers. In addition this is the price range that is targeted by investors. It is therefore not surprising that first time home buyers are under-represented in home sales at the moment.

3 Institutional Demand The institutional buying spree peaked in the July 2012 at 831 homes across Maricopa County and then declined to a low point of 416 in February. Demand was dramatically weaker in September as the top 9 institutions only added a net 75 parcels to their inventory, only 11% of their total of 664 in July. Two institutional investors made no purchases at all and there were 3 disposals of previously acquired property. In total these companies now own 13,328 parcels in Maricopa County which is roughly 5% of the rental inventory excluding multi-family units. However they are hugely outnumbered by noninstitutional (so called mom-and-pop ) investors who own roughly 95% of the rental inventory. As of October 1, the top 9 institutions own Maricopa County parcels as follows: 1. Blackstone (4,763 parcels) 2. FREO / Empire (2,053) 3. American Residential Properties (1,993) 4. Silver Bay (1,346) 5. Colony (1,284, some owned jointly with Fannie Mae) 6. American Homes 4 Rent (1,037) 7. Stardom (400) 8. Beazer Pre-owned (250) 9. Waypoint (202) Changes in Transaction Mix For single family homes, the substantial changes in transaction mix between September 2012 and September 2013 are illustrated in the chart below: (Note: Reverted homes are excluded from All Sales.)

4 Below is the same chart for townhouse /condo properties. Supply Our local Multiple Listing Service (ARMLS) had 21,718 active listings on October 1 across Greater Phoenix including listings under contract seeking backup offers. Some 13.5% of these listings already have a signed contract, typically waiting for the lender s short sale approval or some other contingency before they stop soliciting backup offers. This percentage has fallen from 16.6% since last month and is on a declining trend. The number of active single family listings without an existing contract was 15,150 for the Greater Phoenix area as of October 1. This is up a strong 13.0% since September 1. However almost 83% of this supply is priced above $150,000 and 19% is priced over $500,000, so a shortage of supply remains in the lower price ranges. The inventory of single family homes under $150,000 that have no existing signed contract has risen to 52 days from 36 days last month, partly due to a fall in the monthly sales rate for these lower priced homes and partly because supply has increased. The mid range between $150,000 and $500,000 is where much growth in active listings is taking place. We normally see growth in active listings between August and December each year. So far this year we have 2.2% more listings created than at the same point in 2012, but because listings are going under contract far slower than last year, most mid-range buyers now have many more homes to choose from than in 2012.

5 The lowest price ranges remain unbalanced with more buyers than sellers, but the imbalance is now less severe than in the last two years. At the higher price ranges over $500,000 supply is now growing after an unusually busy summer season. Pricing We can see that overall prices reached a low point in September 2011 and have risen dramatically since then. When we look at the individual transaction types we find the following: Single Family Average Sales Price Average $ Sep 2013 Average $ Sep 2012 % Change New Home Sales $313,562 $255, % Normal Re-sales $259,427 $221, % Investor Flips $208,583 $178, % Short Sales & Pre-foreclosures $188,781 $171, % Bank Owned Sales $190,420 $220, % GSE REO Sales $163,516 $144, % HUD Sales $140,648 $111, % Trustee Sales to 3 rd Party $166,762 $133, % All Sales $248,209 $195, % Single Family Median Sales Price Median $ Sep 2013 Median $ Sep 2012 % Change New Home Sales $279,147 $219, % Normal Re-sales $200,000 $168, % Investor Flips $175,000 $147, % Short Sales & Pre-foreclosures $146,500 $130, % Bank Owned Sales $147,400 $135, % GSE REO Sales $155,000 $134, % HUD Sales $134,475 $110, % Trustee Sales to 3 rd Party $136,100 $114, % All Sales $199,000 $150, % Single Family Average Price per Sq Ft $/SF Sep 2013 $/SF Sep 2012 % Change New Home Sales $ $ % Normal Re-sales $ $ % Investor Flips $ $ % Short Sales & Pre-foreclosures $92.04 $ % Bank Owned Sales $97.28 $ % GSE REO Sales $91.32 $ % HUD Sales $75.17 $ % Trustee Sales to 3 rd Party $89.00 $ % All Sales $ $ %

6 Trustee sales to third parties are showing the largest percentage increase in average price per square foot over the year, HUD sales lead the average price gain, while new homes have seen the largest percentage increase in their median sales price. Note how the different measures give different results. We believe that average price per sq. ft. gives the most useful guide to price changes in the market. The following table ranks the cities by the percentage increase in the annual average price per sq. ft. over the last 12 months. The average for the period Oct 2012 to Sep 2013 is compared with the average for the period Oct 2011 to Sep 2012). Rank Last Month City % Change in Annual $/SF Annual $/SF September Maricopa 38% $ El Mirage 36% $ Youngtown 35% $ Phoenix 33% $ San Tan Valley 32% $ Glendale 31% $ Laveen 31% $ Tolleson 32% $ Wittmann 30% $ Tonopah 29% $ Avondale 28% $ Buckeye 26% $ Mesa 24% $ Peoria 24% $ Casa Grande 23% $ Surprise 22% $ Tempe 21% $ Gilbert 21% $ Anthem 21% $ Wickenburg 21% $ Goodyear 20% $ Chandler 20% $ Florence 20% $ Sun City 20% $ Coolidge 19% $ Waddell 19% $ Queen Creek 19% $ Arizona City 18% $ Litchfield Park 17% $ Scottsdale 17% $ Paradise Valley 17% $ Apache Junction 17% $ Cave Creek 17% $ New River 17% $108

7 35 35 Fountain Hills 15% $ Eloy 15% $ Gold Canyon 12% $ Sun City West 11% $ Rio Verde 11% $ Sun Lakes 10% $ Carefree 4% $211 The cities at the top of the table have all had huge falls in the percentage of distressed homes in the transaction mix. Some of those at the bottom have had relatively little change because there were few distressed sales in the first place. We must remember that a percentage increase in average or median sales price is not the same as a percentage increase in home values, because of the changes in the mix of homes that sell. All areas of Maricopa County are now showing positive appreciation on an annual price per sq. ft. basis. In Pinal County only Winkelman, Stanfield and Superior are recording negative appreciation. In the single month that elapsed between August and September, average prices rose 2.1% from $243,080 to $248,209, while average price per sq. ft. gained 1.5% from $ to $ The median sales price rose 3.6% from $192,000 to $199,000. As we forecast in our last report, the slight decline in all three measures between July and August was reversed during September. Foreclosure Starts Foreclosure starts for single family and condo/townhouse homes fell another 17% between August and September 2013, helped by the low number of working days during September. They are now 61% below September 2012 levels. The breakdown by county is: Foreclosure Starts Single Family Townhouse / Condo Total Maricopa County Pinal County Total 1, ,136 Foreclosure levels are far below the peak levels of March 2009, which were 10,099 in Maricopa and 1,256 in Pinal. For comparison with normal levels of foreclosure notices, in 2002 we averaged 1,160 per month for Maricopa County. Since the population has grown by about 23% since 2002, we would consider 1,425 foreclosure notices per month a normal level for Maricopa County, so we were 30% below that normal level in September. We expect new foreclosures to continue to fall over the next several years due to the very tight underwriting standards that have been in place since 2009.

8 Foreclosure Completions We see a large drop in completed foreclosures when we compare September 2013 with September The number of completed trustee deeds is down by 63% The number of single family homes reverting to lenders is down by 56% The number of single family homes purchased by third parties at the auction is down by 68% This source of supply is continuing to dry up. The number of pending foreclosures continues to drop each month and is now at the same level as New foreclosure notices are proceeding to trustee sale quickly with little sign of any delay. Foreclosure completions will lag the trend in foreclosure starts, but it is not long now before they too fall below their long term average rates. New Home Sales Newly built single family homes rose only slightly from 990 recorded sales in August to 997 in September. However this number is 23% higher than the 810 we saw in September The increase was 20% for Maricopa County and 38% for Pinal. The total dollar value of single family new homes closed grew a striking 51% from $207 million to $313 million, due to large increases in new home pricing coupled with a 10% increase in the average new home size from 2,309 sq. ft. to 2,525 sq. ft. Among the cities, Gilbert is still the top city for new home sales with 142, with Phoenix now in second place with 93. Other cities that are active for new homes include Goodyear (86), Mesa (85), Buckeye (65), San Tan Valley (64), Peoria (62), Queen Creek (58), Maricopa (51), Surprise (50) and Chandler (44). Builders are also getting busy in Cave Creek (29), Florence (23), Waddell (21) and Litchfield Park (20). Newly constructed homes in Maricopa County during September were on average about 28% larger in sq. ft. of living space compared with the average for normal re-sales. New homes in Pinal County were also on average larger than normal re-sales but only by 6%. There are relatively few low-end new homes being built and the median sales price for new homes is now 40% higher than for normal re-sales. Comparing the median sales price gives a completely false impression of the relative pricing of new versus re-sale homes. In Gilbert for example, the average price per square foot of new homes is actually 1% less than that for normal re-sales. Yet the median sales price is higher by as much as 32%. 92% of new single family homes sold in Maricopa County in September were in the price range from $150,000 to $600,000 where overall supply is now growing fast. Entry level homes below $150,000 remain scarce new though supply of pre-owned homes in this range has started to improve recently. The situation is not much different in Pinal County where 94% of new homes sold for more than $150,000 during September. New home sales increased their market share to 14% of sales units in September from 10% a year ago. They still have a very long way to go to recover their normal percentage of the overall market (25% to 30%).

9 Normal Re-sales Normal single family re-sales grew 35% from 3,200 in September 2012 to 4,309 in September Pricing recovery for normal re-sales occurred later than for other sectors, but they have now joined in the overall price increases. The average sales price is up 17%, the median sales price is up 19% and average price per sq. ft. is up 15% over the year. Normal re-sales have increased their market share to 60% from 41% a year ago and are now by far the most numerous type of sale. Investor Flips These are similar to normal re-sales in that there is no distressed owner, but we count them separately when the property was previously purchased with the obvious intent to resell at a higher price within a short period. Often the investor obtained a distressed property at a trustee sale (sometimes through a wholesaler), as an REO or as a short sale or pre-foreclosure. The investor usually refurbishes and renovates the property and then sells the home somewhat below the price for normal sales in order to ensure it sells quickly. Volume for investor flips has been declining, but is recovering a little now that buy and hold investors are scaling back. Flips now represent 9% of total sales, the same as in September Short Sales and Pre-foreclosures Most lenders are still encouraging homeowners facing financial hardship to use short sales as a preferred alternative to foreclosure. However many have been insisting on higher contract prices before they will approve the sale and these increased prices have reduced buyer enthusiasm, resulting in far fewer sales being completed than last year. In addition rising prices mean that fewer people are underwater on their mortgages, eliminating their need to negotiate short sales. As a result, short sales are down 67% in volume, but their average $/SF has risen by 10% since September Short sales and pre-foreclosures represent 6% of single family home sales, sharply down from 18% in September Short sales and pre-foreclosures are still priced lower than bank owned homes but somewhat higher than the average pricing for GSE-owned properties. Bank Owned Sales Often referred to as REO sales, these are properties owned by commercial lenders following a completed foreclosure. If there are no bidders at the trustee sale the trustee issues a deed in favor of the beneficiary, i.e. the foreclosing lender, who subsequently liquidates the asset by marketing the property as a bank owned home. Sometimes the lender receives the property after a deed in lieu of foreclosure from the borrower, bypassing the trustee sale. Between September 2012 and September 2013 REO sales have declined in number by 37%. Sales $/SF pricing for bank owned single family REOs is down by 5% over the last 12 months because there are now very few expensive properties going back to banks. Bank owned REOs now represent only 2% of the market, down from 3% in September 2012.

10 Fannie Mae / Freddie Mac / VA REO Sales Similar to Bank Owned Sales except the entity receiving the foreclosed home is a government sponsored enterprise (GSE) rather than a commercial lender. Between September 2012 and September 2013 these REOs have fallen 45% in volume. Sales $/SF pricing for GSE single family REOs is up by 13% over the last 12 months. GSE REOs now represent 2% of the market, down from the 4% we saw in September HUD sales If a bank receives a property through foreclosure where the loan had been guaranteed by FHA, the lender will usually deed the property to HUD for disposal. Average price per square foot for HUD homes has increased by 18% over the last 12 months, but at an average $75.17 per sq. ft. they remain priced lower than other sources of single family homes. Unfortunately for bargain hunters, HUD homes are not numerous and they currently represent 1.3% of sales, down from 2.0% in September Third Party Purchases from Trustee Sales Foreclosures used to provide a significant supply of homes for those willing to bid at the trustee auction, but the number auctioned has dropped significantly. During September 2013, there were 318 single family homes purchased by third parties at trustee sales, 272 in Maricopa and 46 in Pinal. Competition for auctioned homes is intense. Average price per sq. ft. has increased 21% from $73.71 to $89.00 per sq. ft. over the last 12 months. At 4% of the market, they are down from 13% in September Reverted to Lender (i.e. Beneficiary) If the lender sets an opening bid which is too high to attract any bids then the home is deeded to the lender. The outstanding loan debt is removed usually with no recourse (under Arizona law) to the original borrower. Most other liens (but not necessarily all) are also eliminated at this time. When the lender is not interested in disposing of the property through the trustee sale, the opening bid is often set to be the outstanding loan balance plus expenses, usually well in excess of current market value. As such the bid has little relevance to us and we do not record it as a sale. However if the lender wishes to avoid acquiring the home, a low opening bid is set which attracts the interest of third parties. Over the last 12 months, the number of reversions to beneficiaries has dropped by 56% for single family homes. There were 788 in September 2012 and only 344 in September New Construction Permits Due to the government shutdown in October, permit information has not yet been made available for September. Out of State Purchasers The percentage of residences in Maricopa County sold to owners from outside Arizona was only 16.4% in September 2013 by unit count, down from 16.9% in August. This is the lowest percentage since

11 January Californians reduced their market share from 4.3% to 3.8% over the last month but retained their normal position as the largest group of out of state buyers. Canadians rose from 1.3% to 1.7% retaining second place. This is still the second lowest percentage for Canadians since October Washington, Illinois and Colorado were the next most numerous locations for home buyers in September, with Texas, Oregon and Minnesota behind them. Cash Buyers For some considerable time, cash purchases have been running at an unusually high level due to the tough credit standards, the volume of investor activity and the now-ceased reluctance among most lenders to underwrite jumbo loans. In Maricopa County the percentage of properties recording an Affidavit of Value and purchased without financing was 26.3% in September 2013, significantly down from 35.5% in September We consider 7% to 12% the normal range for cash buyers. Cash purchases are most dominant at the low end of the market, but until recently have been important at the high end too. The largest percentage of financed purchases occurred in the mid-range, but since June the improve availability of jumbo financing has reduced the percentage of higher end cash deals significantly: Under $150, % cash (41.2% last month) Between $150,000 and $500, % cash (20.1% last month) $500,000 and over 22.4% cash (20.4% last month) The change in availability of jumbo financing over the last 6 months is very striking. As recently as January 37.2% of homes over $500,000 were bought with cash. It would be a mistake to assume that all cash purchases are by investors. Some owner occupiers pay cash too, to give themselves a better chance in a multiple bid situation. Cash offers are generally treated more favorably by sellers because there is less risk that they will fall through because of a loan or appraisal contingency. The analysis above excludes bulk sales between investors. It also excludes HUD sales and third party purchases at trustee sales because these do not generate Affidavits of Value. 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 may also indicate 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. However affidavits are not required for HUD sales or trustee sales. HUD sales are usually oriented towards owner-occupiers while investors dominate the trustee sales. We have therefore combined HUD

12 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 2012 and September 2013 are as follows: September 2013 September 2012 September 2013 September 2012 Maricopa Maricopa Pinal Pinal Investor % 22.9% 36.4% 20.3% 33.0% Though far below last year these percentages remain somewhat higher than the historical norm and indicate that investors are still acquiring homes to rent to tenants, some of whom have lost their former homes to foreclosure or through a short sale. The percentage of homes acquired by investors rose significantly between 2011 and mid 2012 in both counties but the overall percentage for the combined counties has declined from a peak of 39.7% in July 2012 to 23.7% in August Second Homes In September 2013, 10.1% of all homes purchased with an Affidavit of Value in Greater Phoenix were to be owner-occupied but used as second or vacation homes. The percentage in Pinal County is higher (13.5%) than in Maricopa County (9.8%). Second home purchases made up 13.5% of sales in September 2012, so we are seeing a declining trend. Rentals The number of rental homes offered for lease on ARMLS was 8,120 as of October 1, 2013, slightly higher than the 7,900 we saw a month earlier. This represents about 2.3 months of supply. Rental activity remains stable and there is no sign of a glut of rental homes at the moment, or a surge in vacancies. The average time on market for a leased home rose to 42 days, up from 39 days last month. With this reasonable turnover and relatively low vacancy rates, it is perhaps surprising that single family and condo rents have been so stable. We see them leased during September at an average of 70c per sq ft per month whereas in June 2009 they were at 68c per sq. ft. per month. Outlook Since the beginning of July the housing market in Greater Phoenix has cooled dramatically. We cannot see that from the prices because pricing is a trailing indicator and it takes many months for them to reflect the changing balance. The primary change is a steep fall in demand. We can see that from the drop in unit volume 9% down from September 2012 and 12% below August Some will point to the lower demand from investors as the main cause. It is true that investor buying has fallen, but that is primarily because there are relatively few bargains to be found these days. Low supply is the cause of that particular drop in demand. A less anticipated fall in demand is from ordinary owner-occupiers. Since they spend far more money than investors any fall in their demand is far more significant to the overall market.

13 Demand is particularly weak in the move-up market from $150,000 to $500,000. This is a price range where investors take a far lower market share. Homes are going under contract only slowly and inventory is building fast. Since inventory was very low to begin with it is still taking some time to reach balance but the change has been accelerating and we now expect a balanced market to prevail during November. If the current trend continues then supply will exceed demand by the end of the year. This is despite supply being some 15% to 20% lower than we would consider normal. The sudden weakness in owneroccupier demand since July is unusual and unexpected. Poor consumer sentiment and concern over the government shutdown seem to have accelerated the decline. This is great news for buyers that remain in the market since they will experience low competition from other buyers and be in a strong position to negotiate concessions from sellers. Over-ambitious asking prices will be scaled back and more listings will be cancelled. However we do not anticipate much weakness in sales pricing since there is low distress in the market and most sellers are unlikely to be willing to drop prices significantly below market. Normal buyers usually have much more patience than lenders selling foreclosed properties. The sector most affected is the mid-range where there are far more homes to choose from than during the spring and summer. Sellers should expect homes to get far fewer showings and offers will probably take much longer to arrive and be fewer in number. If these offers are countered aggressively, sellers should expect buyers to walk away. They now have far more alternative properties from just 3 months ago. Despite these changes, average price per square foot is expected to continue to rise until the end of 2013 as the sales mix moves up-market. Changes in the monthly median sales price are likely to be more modest. Access to finance at the high end of the market is very good and we are even seeing some interest rates for jumbo loans that are lower than for conventional loans. This is likely to make the luxury market more resistant to the above changes, as long as the stock market continues to perform well. If the stock market performs poorly then this is likely to have a knock-on effect on the luxury housing market in Arizona. The level of investor buying in September was the lowest seen for several years and this confirms the long term downward trend. The same applies to out-of-state buyers. We now are returning to a more normal percentage of homes being purchased by existing Arizona residents. There are several other factors which are combining to push the market back towards normality: Higher prices depress demand until it matches supply Investors cannot find bargains and start to look elsewhere Financed transactions are gradually replacing cash transactions

14 More ordinary homeowners are free to sell because their loan balances are now lower than their home values Going forward we anticipate a much slower rate of appreciation in 2014 than the furious pace we have witnessed over the last 2 years. We have been through enormous turbulence since 2002 and it will be a relief for many to be operating in a normal, non-distressed and more balanced market. Sources & Acknowledgement The sales and foreclosure transaction data used in this report was compiled by the Information Market 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.

15 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 43 $268,611 $230,000 $ $282,431 $240,000 $ $276,150 $233,250 $ $181,200 $198,000 $ Apache Juntion 58 $142,107 $131,950 $ $172,027 $175,000 $ $155,516 $134,500 $ $135,140 $143,050 $ $114,863 $118,700 $83.96 Arizona City 23 $75,265 $77,500 $ $82,455 $88,000 $ $96,650 $94,000 $60.86 Avondale 119 $158,050 $155,000 $ $169,000 $169,000 $ $163,580 $160,000 $ $151,814 $150,750 $ $130,343 $115,000 $66.36 Buckeye 206 $192,193 $155,539 $ $233,145 $216,904 $ $191,228 $152,000 $ $140,030 $130,300 $ $148,914 $124,900 $71.68 Carefree 3 $513,267 $549,800 $ $549,800 $549,800 $ $495,000 $495,000 $ Casa Grande 96 $132,293 $134,450 $ $188,584 $185,154 $ $147,830 $143,950 $ $104,935 $101,200 $ $51,833 $57,500 $36.34 Cave Creek 83 $449,801 $439,909 $ $489,949 $510,490 $ $436,347 $375,100 $ $461,000 $440,000 $ $375,750 $375,750 $ Chandler 403 $276,488 $250,000 $ $386,790 $351,043 $ $272,866 $245,000 $ $253,263 $219,950 $ $225,660 $218,350 $ Coolidge 20 $100,351 $97,816 $ $90,542 $107,500 $ $160,000 $160,000 $ $177,750 $177,750 $76.09 El Mirage 48 $124,319 $125,000 $ $154,023 $141,750 $ $126,014 $126,950 $ $106,900 $105,050 $68.80 Eloy 8 $195,900 $179,057 $ $253,533 $186,844 $ $18,000 $18,000 $13.75 Florence 73 $138,541 $133,000 $ $197,436 $183,900 $ $122,055 $119,900 $ $88,324 $119,000 $ $83,467 $78,000 $47.34 Fountain Hills 38 $452,766 $375,000 $ $492,114 $432,500 $ $309,257 $279,900 $ $520,000 $520,000 $ Gilbert 512 $285,696 $264,900 $ $348,963 $327,364 $ $268,094 $248,000 $ $267,026 $269,900 $ $211,069 $207,250 $ Glendale 361 $193,216 $166,500 $ $287,522 $239,040 $ $201,330 $171,000 $ $179,052 $168,100 $ $149,423 $128,000 $79.02 Gold Canyon 21 $245,476 $215,000 $ $238,778 $204,000 $ $275,000 $275,000 $ Goodyear 249 $235,308 $225,000 $ $275,780 $265,319 $ $220,700 $208,000 $ $249,271 $237,000 $ $191,342 $171,500 $78.90 Laveen 87 $182,182 $169,900 $ $204,288 $194,146 $ $191,451 $172,250 $ $168,680 $175,000 $ $145,540 $138,500 $60.43 Litchfield Park 55 $290,112 $283,526 $ $362,822 $349,643 $ $272,432 $253,000 $ $204,167 $232,500 $ $191,225 $207,450 $83.06 Maricopa 189 $161,534 $150,900 $ $204,468 $185,900 $ $148,633 $143,750 $ $150,844 $141,000 $ $122,163 $115,000 $60.84 Mesa 621 $218,872 $185,000 $ $349,654 $299,208 $ $208,235 $182,000 $ $192,762 $172,000 $ $189,446 $153,500 $ New River 15 $303,274 $300,000 $ $358,952 $364,240 $ $295,889 $241,000 $ $300,000 $300,000 $ Paradise Valley 36 $1,451,389 $1,312,500 $ $1,546,758 $1,450,000 $ $612,500 $612,500 $ $1,515,000 $1,515,000 $ Peoria 359 $272,306 $235,000 $ $379,228 $371,361 $ $269,529 $233,000 $ $197,068 $192,000 $ $201,750 $165,000 $99.39 Phoenix 1,709 $214,007 $160,000 $ $316,102 $316,055 $ ,068 $228,614 $179,000 $ $192,756 $145,000 $ $150,307 $105,000 $85.88 Queen Creek 142 $302,210 $279,632 $ $335,649 $321,477 $ $288,168 $253,000 $ $302,437 $325,000 $ $251,500 $222,500 $ Rio Verde 3 $473,300 $410,000 $ $473,300 $410,000 $ San Tan Valley 302 $175,022 $160,000 $ $245,256 $232,759 $ $162,804 $150,000 $ $160,154 $157,400 $ $128,593 $124,863 $64.13 Scottsdale 413 $562,280 $445,000 $ $984,494 $1,196,261 $ $569,460 $450,000 $ $424,401 $380,350 $ $451,424 $390,000 $ Sun City 128 $148,340 $137,500 $ $261,633 $263,048 $ $139,500 $135,000 $ $171,880 $170,000 $ $165,071 $150,000 $84.16 Sun City West 84 $202,108 $174,150 $ $206,054 $175,000 $ $215,000 $200,000 $ $223,625 $223,625 $89.94 Sun Lakes 30 $252,159 $247,850 $ $389,232 $389,232 $ $251,242 $247,850 $ $229,750 $229,750 $ Surprise 290 $201,882 $189,900 $ $238,210 $237,945 $ $203,160 $186,000 $ $200,345 $190,000 $ $168,752 $150,000 $73.11 Tempe 132 $231,416 $217,950 $ $247,188 $240,000 $ $207,540 $217,950 $ $200,550 $192,500 $ Tolleson 70 $144,521 $144,750 $ $181,394 $177,428 $ $136,270 $140,000 $ $165,080 $160,000 $ $149,333 $150,000 $70.07 Tonopah 3 $57,133 $43,100 $ $43,100 $43,100 $ $95,000 $95,000 $61.49 Waddell 39 $222,645 $222,600 $ $228,884 $234,688 $ $213,480 $179,000 $ $225,000 $225,000 $97.66 Wickenburg 6 $100,333 $97,500 $ $96,400 $75,000 $ $120,000 $120,000 $72.95 Wittmann 9 $255,378 $244,900 $ $244,900 $244,900 $ $258,000 $252,000 $ $315,500 $315,500 $86.91 Youngtown 15 $108,513 $95,000 $ $105,280 $90,000 $ $101,000 $101,000 $59.76 Maricopa County 6,318 $259,500 $210,000 $ $330,778 $297,596 $ ,904 $270,223 $212,000 $ $220,679 $188,250 $ $189,439 $150,000 $94.59 Pinal County 825 $161,740 $149,900 $ $228,000 $197,785 $ $155,352 $145,000 $ $138,997 $140,000 $ $123,801 $118,250 $64.01 Total 7,143 $248,209 $199,000 $ $313,562 $279,147 $ ,309 $259,427 $200,000 $ $208,583 $175,000 $ $183,781 $146,500 $92.04

16 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 1 $232,000 $232,000 $ $340,620 $272,491 $ Apache Juntion 1 $96,800 $96,800 $ $63,500 $63,500 $ $79,887 $70,923 $ $176,766 $158,622 $ Arizona City 1 $26,300 $26,300 $ $49,500 $49,500 $ $42,950 $42,950 $ $41,250 $41,250 $ $59,529 $60,566 $43.44 Avondale 5 $227,850 $204,000 $ $145,779 $178,000 $ $144,432 $141,000 $ $133,318 $126,000 $ $149,180 $149,600 $81.58 Buckeye 5 $120,000 $143,000 $ $144,079 $134,900 $ $113,448 $119,000 $ $123,332 $118,100 $ $164,893 $148,318 $86.81 Carefree Casa Grande 4 $83,700 $87,400 $ $141,090 $152,450 $ $85,005 $80,000 $ $97,353 $103,988 $ $140,644 $130,811 $76.85 Cave Creek 2 $263,250 $263,250 $ $150,000 $150,000 $ $545,050 $545,050 $ Chandler 7 $249,689 $185,000 $ $267,167 $223,500 $ $179,960 $175,000 $ $203,254 $186,700 $ $269,889 $249,984 $ Coolidge 1 $95,632 $95,632 $ $57,500 $57,500 $ $83,967 $85,300 $38.06 El Mirage 2 $139,050 $139,050 $ $92,950 $92,950 $ $121,055 $121,055 $ $113,029 $109,486 $ $150,371 $142,000 $98.88 Eloy 1 $28,000 $28,000 $ $72,600 $72,600 $51.13 Florence 1 $158,000 $158,000 $ $111,208 $96,975 $ $96,175 $91,250 $ $101,938 $101,938 $81.49 Fountain Hills 1 $249,000 $249,000 $ $527,281 $527,281 $ Gilbert 8 $257,199 $248,500 $ $241,600 $247,000 $ $251,703 $285,000 $ $211,911 $194,500 $ $232,226 $229,651 $ Glendale 17 $156,881 $135,500 $ $182,700 $164,000 $ $133,837 $131,049 $ $169,618 $153,700 $ $199,090 $179,210 $ Gold Canyon 1 $390,000 $390,000 $ $192,000 $192,000 $ $271,450 $271,450 $ Goodyear 4 $174,569 $170,500 $ $111,050 $111,050 $ $220,000 $220,000 $ $196,900 $199,050 $ $303,057 $309,685 $ Laveen 1 $145,950 $145,950 $ $225,500 $225,500 $ $240,000 $240,000 $ $144,278 $137,000 $ $215,852 $204,033 $ Litchfield Park 1 $148,000 $148,000 $ $205,000 $205,000 $ $158,500 $158,500 $ $250,809 $280,230 $ Maricopa 1 $180,000 $180,000 $ $158,556 $157,817 $ $138,633 $133,900 $ $107,086 $109,930 $ $168,614 $170,972 $80.32 Mesa 13 $159,764 $138,600 $ $186,519 $169,000 $ $149,241 $136,568 $ $128,671 $128,300 $ $183,466 $176,204 $ New River 1 $150,299 $150,299 $ $261,488 $261,488 $ Paradise Valley 1 $760,500 $760,500 $ $800,000 $800,000 $ Peoria 6 $244,417 $184,800 $ $186,933 $185,750 $ $219,542 $212,279 $ $178,029 $157,000 $ $199,755 $164,094 $ Phoenix 45 $179,128 $125,000 $ $156,372 $145,000 $ $116,188 $103,698 $ $142,817 $115,850 $ $175,467 $157,000 $ Queen Creek 1 $340,000 $340,000 $ $187,500 $187,500 $ $177,067 $160,000 $ $209,658 $209,658 $ $253,679 $278,964 $ Rio Verde San Tan Valley 4 $120,858 $125,550 $ $150,028 $152,000 $ $141,262 $134,825 $ $139,408 $129,750 $ $179,610 $148,802 $89.05 Scottsdale 7 $399,629 $359,900 $ $308,100 $355,000 $ $670,051 $589,600 $ $844,920 $690,922 $ Sun City 4 $94,938 $93,875 $ $75,508 $68,075 $ $83,150 $83,150 $ $118,295 $117,294 $79.43 Sun City West 1 $220,000 $220,000 $ $173,200 $164,450 $ $148,888 $148,888 $ $96,650 $96,650 $ $205,833 $185,000 $ Sun Lakes 1 $128,000 $128,000 $ $169,001 $169,001 $ $307,823 $307,823 $ Surprise 4 $155,531 $156,188 $ $156,055 $150,000 $ $136,334 $149,000 $ $158,075 $142,050 $ $179,658 $168,928 $87.77 Tempe 1 $177,100 $177,100 $ $148,500 $148,500 $ $185,750 $185,750 $ $143,600 $141,400 $ $193,456 $193,456 $ Tolleson 1 $138,500 $138,500 $ $137,500 $137,500 $ $129,500 $129,500 $ $122,158 $121,300 $ $148,116 $176,948 $95.87 Tonopah 1 $33,299 $33,299 $ $259,609 $259,609 $ Waddell 1 $224,400 $224,400 $ $206,125 $206,125 $91.51 Wickenburg Wittmann 1 $190,000 $190,000 $88.79 Youngtown 1 $169,900 $169,900 $ $101,500 $101,500 $53.72 Maricopa County 139 $197,203 $154,875 $ $170,186 $155,000 $ $152,153 $141,000 $ $175,543 $137,250 $ $210,630 $178,369 $ Pinal County 13 $117,897 $104,799 $ $138,656 $154,900 $ $108,051 $119,891 $ $114,838 $117,550 $ $163,568 $151,000 $88.32 Total 152 $190,420 $147,400 $ $163,516 $155,000 $ $140,648 $134,475 $ $166,762 $136,100 $ $203,105 $175,752 $111.55

17 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 $127,833 $127,500 $ $127,833 $127,500 $ Apache Juntion 2 $40,500 $40,500 $ $38,000 $38,000 $ $43,000 $43,000 $61.25 Arizona City Avondale Buckeye Carefree 1 $268,000 $268,000 $ $268,000 $268,000 $ Casa Grande 4 $111,625 $116,000 $ $133,000 $160,000 $86.89 Cave Creek 4 $256,941 $242,500 $ $404,265 $404,265 $ $242,500 $242,500 $ Chandler 38 $146,425 $133,900 $ $413,120 $413,120 $ $148,445 $150,000 $ $113,333 $115,000 $ Coolidge El Mirage Eloy 1 $10,000 $10,000 $ $10,000 $10,000 $11.52 Florence Fountain Hills 22 $246,815 $201,250 $ $363,125 $363,125 $ $240,463 $197,500 $ $335,000 $335,000 $ Gilbert 40 $155,857 $161,250 $ $180,906 $179,859 $ $151,273 $157,500 $ $160,500 $160,500 $ $140,000 $140,000 $ Glendale 51 $70,117 $56,704 $ $81,125 $65,000 $ $72,750 $72,750 $ $39,604 $40,500 $32.87 Gold Canyon Goodyear 5 $117,080 $134,400 $ $109,350 $107,450 $ Laveen Litchfield Park 4 $185,579 $198,803 $ $243,157 $243,157 $ $82,000 $82,000 $ $174,000 $174,000 $ Maricopa Mesa 147 $119,670 $103,000 $ $231,224 $224,238 $ $102,925 $91,500 $ $100,703 $98,000 $ $103,020 $116,000 $81.21 New River Paradise Valley 7 $243,357 $142,500 $ $260,167 $205,000 $ Peoria 25 $130,202 $122,000 $ $286,481 $286,481 $ $107,115 $93,000 $ $232,000 $232,000 $ $142,500 $142,500 $80.74 Phoenix 375 $124,995 $97,900 $ $336,336 $386,400 $ $122,851 $100,000 $ $120,181 $92,000 $ $100,118 $80,000 $84.30 Queen Creek Rio Verde 3 $164,000 $165,000 $ $164,000 $165,000 $ San Tan Valley Scottsdale 211 $227,029 $185,000 $ $630,950 $553,849 $ $232,706 $196,400 $ $185,009 $154,250 $ $231,950 $187,500 $ Sun City 62 $76,417 $72,000 $ $78,818 $73,500 $ $74,500 $82,500 $ $78,000 $78,000 $49.03 Sun City West 16 $103,466 $103,000 $ $106,150 $107,000 $ $119,000 $119,000 $90.77 Sun Lakes 3 $194,000 $185,000 $ $170,000 $170,000 $ $242,000 $242,000 $ Surprise 14 $71,757 $75,000 $ $108,600 $108,600 $ $68,933 $80,000 $ $51,500 $51,500 $ $70,000 $70,000 $77.09 Tempe 51 $152,823 $142,000 $ $159,398 $142,700 $ $174,150 $187,000 $ $96,900 $96,900 $97.00 Tolleson Tonopah Waddell Wickenburg 3 $87,000 $59,900 $ $87,000 $59,900 $80.46 Wittmann Youngtown Maricopa County 1,085 $145,313 $117,000 $ $271,005 $230,630 $ $146,777 $120,500 $ $137,451 $112,750 $ $122,372 $93,250 $98.98 Pinal County 9 $107,722 $72,000 $ $125,571 $160,000 $ $43,000 $43,000 $61.25 Total 1,094 $145,003 $117,000 $ $271,005 $230,630 $ $146,584 $120,750 $ $136,191 $112,500 $ $122,372 $93,250 $98.98

18 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 1 $46,649 $46,649 $34.81 Buckeye Carefree Casa Grande 1 $47,500 $47,500 $56.28 Cave Creek 1 $138,500 $138,500 $ Chandler 1 $80,480 $80,480 $ $134,900 $134,900 $ $94,500 $94,500 $ $47,800 $47,800 $ $182,919 $174,500 $ Coolidge El Mirage Eloy Florence Fountain Hills 1 $163,000 $163,000 $ $168,566 $151,569 $ Gilbert 3 $128,600 $135,000 $ $115,000 $115,000 $ Glendale 2 $59,000 $59,000 $ $54,538 $54,538 $ $56,005 $56,005 $ $52,263 $52,700 $ $62,959 $62,239 $67.34 Gold Canyon Goodyear 1 $148,000 $148,000 $ Laveen Litchfield Park Maricopa Mesa 6 $106,066 $101,625 $ $74,800 $67,600 $ $55,001 $55,001 $ $84,039 $86,850 $ $102,336 $109,000 $93.56 New River Paradise Valley 1 $142,500 $142,500 $ Peoria 3 $100,000 $95,000 $ $139,133 $142,500 $ $126,083 $126,083 $ $138,106 $138,106 $ Phoenix 10 $94,869 $54,235 $ $109,613 $61,500 $ $113,575 $122,650 $ $81,079 $81,550 $ $110,144 $99,246 $ Queen Creek Rio Verde San Tan Valley Scottsdale 10 $146,188 $127,250 $ $160,083 $150,250 $ $155,714 $165,001 $ $119,804 $119,804 $ Sun City 3 $60,667 $62,000 $ $54,767 $43,875 $ $100,036 $80,825 $ $73,597 $64,228 $67.42 Sun City West 1 $98,961 $98,961 $ $85,667 $87,000 $76.74 Sun Lakes Surprise 1 $45,500 $45,500 $60.75 Tempe 2 $149,000 $149,000 $ $115,361 $115,361 $ $90,000 $92,500 $ $129,809 $129,809 $ Tolleson Tonopah Waddell Wickenburg Wittmann Youngtown Maricopa County 42 $111,267 $96,981 $ $101,216 $86,000 $ $95,652 $108,166 $ $89,840 $80,825 $ $107,293 $99,246 $ Pinal County 1 $47,500 $47,500 $56.28 Total 42 $111,267 $96,981 $ $101,216 $86,000 $ $95,652 $108,166 $ $88,993 $80,713 $ $107,293 $99,246 $102.82

19 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 44 $229,177 $207,000 $ $236,495 $205,000 $ $272,433 $305,000 $ $171,429 $178,000 $86.51 Apache Juntion 56 $129,729 $116,000 $ $152,408 $150,553 $ $126,650 $120,000 $ $259,833 $318,000 $ $155,667 $94,000 $82.27 Arizona City 27 $64,836 $65,500 $ $65,583 $72,500 $ $96,875 $93,250 $ $65,467 $67,900 $48.28 Avondale 160 $127,181 $125,450 $ $142,670 $136,500 $ $129,700 $135,000 $ $112,021 $108,250 $60.21 Buckeye 215 $142,742 $123,650 $ $187,863 $161,562 $ $143,908 $124,950 $ $134,132 $139,000 $ $113,305 $98,000 $54.74 Carefree 6 $564,500 $402,500 $ $625,000 $625,000 $ $345,000 $345,000 $ $337,000 $337,000 $ Casa Grande 104 $119,715 $116,100 $ $180,396 $185,588 $ $106,819 $107,500 $ $141,608 $124,000 $ $123,692 $110,000 $50.94 Cave Creek 59 $392,325 $340,000 $ $470,645 $477,131 $ $316,593 $315,500 $ $364,750 $364,750 $ $552,620 $345,900 $ Chandler 446 $227,535 $185,000 $ $373,236 $384,106 $ $241,496 $204,000 $ $202,444 $178,000 $ $198,670 $170,000 $97.42 Coolidge 24 $85,255 $76,939 $ $112,171 $93,000 $ $78,804 $78,200 $ $52,500 $52,500 $41.02 El Mirage 90 $98,677 $95,450 $ $103,870 $105,000 $ $103,183 $90,900 $ $93,321 $89,375 $52.31 Eloy 11 $85,545 $65,000 $ $77,667 $61,000 $ $69,000 $69,000 $ $55,000 $55,000 $35.14 Florence 38 $119,989 $98,500 $ $214,819 $196,450 $ $92,490 $91,200 $ $125,700 $114,950 $ $101,500 $81,500 $38.98 Fountain Hills 45 $432,084 $380,000 $ $376,738 $350,750 $ $426,375 $382,750 $ $451,911 $404,900 $ Gilbert 599 $230,410 $215,000 $ $245,859 $243,978 $ $247,316 $232,000 $ $256,030 $214,000 $ $197,770 $193,500 $91.58 Glendale 449 $144,809 $127,000 $ $195,679 $179,991 $ $158,975 $139,900 $ $155,850 $144,900 $ $121,164 $110,000 $66.89 Gold Canyon 22 $193,205 $172,500 $ $224,300 $185,750 $ $154,500 $154,500 $ $159,000 $175,000 $95.02 Goodyear 240 $209,304 $191,386 $ $245,296 $234,955 $ $208,480 $190,000 $ $231,001 $198,125 $ $168,696 $147,600 $78.08 Laveen 114 $137,897 $130,810 $ $162,985 $158,581 $ $133,769 $123,000 $ $152,981 $149,500 $ $129,527 $118,000 $57.30 Litchfield Park 57 $205,237 $185,000 $ $239,888 $232,306 $ $207,675 $178,000 $ $250,000 $250,000 $ $164,675 $149,000 $72.31 Maricopa 205 $131,079 $124,000 $ $161,779 $148,216 $ $141,361 $122,900 $ $147,169 $134,500 $ $103,008 $95,000 $44.51 Mesa 673 $170,825 $142,930 $ $278,719 $250,017 $ $183,657 $159,000 $ $174,248 $152,500 $ $152,171 $127,000 $78.54 New River 19 $232,785 $248,671 $ $271,158 $271,908 $ $255,375 $243,250 $ $98,000 $98,000 $ $227,121 $228,000 $87.77 Paradise Valley 27 $1,119,837 $1,100,000 $ $1,747,650 $1,747,650 $ $1,061,810 $950,000 $ $440,000 $440,000 $ $1,645,000 $1,645,000 $ Peoria 357 $199,344 $170,000 $ $294,392 $263,638 $ $211,930 $185,500 $ $201,059 $160,000 $ $168,759 $147,300 $81.62 Phoenix 1,984 $164,219 $116,750 $ $325,639 $310,935 $ $187,601 $134,000 $ $140,781 $110,500 $ $146,382 $102,500 $81.41 Queen Creek 78 $234,769 $208,748 $ $254,930 $250,981 $ $254,370 $255,000 $ $256,271 $194,900 $ $202,529 $156,750 $81.89 Rio Verde 5 $394,000 $450,000 $ $373,750 $352,500 $ $475,000 $475,000 $ San Tan Valley 296 $146,581 $134,019 $ $208,959 $165,923 $ $143,139 $134,990 $ $139,775 $138,250 $ $118,526 $114,300 $57.67 Scottsdale 428 $488,058 $390,000 $ $819,318 $804,781 $ $507,250 $406,500 $ $415,570 $342,000 $ $399,530 $342,500 $ Sun City 100 $123,538 $118,000 $ $125,968 $118,000 $ $138,750 $134,000 $ $117,538 $113,100 $65.64 Sun City West 69 $173,181 $160,000 $ $175,363 $160,000 $ $216,130 $200,000 $99.52 Sun Lakes 42 $208,798 $186,500 $ $223,597 $211,500 $ $212,250 $212,250 $ $119,833 $120,000 $95.26 Surprise 344 $153,459 $145,000 $ $189,841 $181,809 $ $164,092 $155,000 $ $152,152 $145,000 $ $130,799 $125,000 $64.35 Tempe 159 $209,200 $169,000 $ $237,857 $185,400 $ $165,343 $175,000 $ $167,161 $158,746 $90.86 Tolleson 103 $120,247 $122,000 $ $158,118 $154,800 $ $117,423 $120,000 $ $113,461 $107,000 $ $96,914 $95,000 $48.27 Tonopah 5 $101,820 $99,500 $ $101,600 $98,250 $56.61 Waddell 22 $218,585 $186,950 $ $186,812 $184,000 $ $289,771 $295,000 $ $211,817 $204,950 $67.03 Wickenburg 16 $169,502 $147,000 $ $161,063 $137,000 $ $145,000 $145,000 $ $270,000 $285,000 $91.89 Wittmann 9 $126,689 $143,700 $ $100,200 $113,000 $ $143,700 $143,700 $85.94 Youngtown 18 $83,020 $82,550 $ $66,952 $66,952 $ $71,000 $71,000 $ $107,833 $118,500 $54.68 Maricopa County 6,987 $202,793 $155,000 $ $264,084 $232,619 $ ,956 $228,250 $172,750 $ $186,630 $155,000 $ ,277 $177,069 $135,000 $86.96 Pinal County 827 $137,030 $125,000 $ $204,625 $168,376 $ $140,782 $126,712 $ $139,881 $132,000 $ $113,622 $105,000 $52.73 Total 7,814 $195,833 $150,000 $ $255,202 $219,122 $ ,200 $221,580 $168,750 $ $178,430 $147,950 $ ,394 $171,743 $130,000 $83.93

20 September Recorded Sales - Single Family Bank Owned Sales Fannie Mae / Freddie Mac Sales HUD Sales Foreclosure - Trustee Sold to 3rd PartyNo Bidders at Auction - Reverted to Lende 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 5 $290,550 $329,000 $ $258,033 $269,000 $ $149,958 $149,958 $ $209,268 $214,000 $ $258,633 $250,013 $ Apache Juntion 2 $63,500 $63,500 $ $57,750 $57,750 $ $110,350 $110,350 $ $79,213 $84,450 $ $152,364 $138,753 $ Arizona City 1 $69,000 $69,000 $ $70,750 $57,750 $ $47,075 $47,075 $ $52,057 $53,500 $ $104,492 $92,086 $75.73 Avondale 3 $120,601 $121,804 $ $129,815 $138,050 $ $119,514 $108,000 $ $115,951 $115,500 $ $171,480 $159,180 $93.40 Buckeye 3 $109,803 $109,900 $ $136,704 $133,000 $ $90,313 $98,500 $ $103,410 $91,100 $ $162,900 $150,300 $84.86 Carefree 2 $727,500 $727,500 $ Casa Grande 5 $74,780 $56,101 $ $122,358 $119,000 $ $139,719 $129,939 $ $104,622 $97,000 $ $140,012 $135,315 $74.57 Cave Creek 4 $292,350 $270,000 $ $296,000 $296,000 $ $298,467 $317,050 $ $345,032 $308,801 $ Chandler 10 $255,545 $135,000 $ $187,100 $180,000 $ $155,565 $153,130 $ $164,589 $146,100 $ $211,669 $196,725 $ Coolidge 2 $71,189 $71,189 $ $113,551 $113,551 $ $63,560 $62,700 $ $121,833 $103,500 $47.30 El Mirage 5 $110,980 $100,000 $ $110,519 $102,643 $ $103,634 $105,300 $ $87,648 $90,100 $ $140,748 $123,999 $78.65 Eloy 1 $40,000 $40,000 $ $220,000 $220,000 $ $91,000 $91,000 $ $56,879 $51,131 $43.46 Florence 3 $45,667 $48,000 $ $55,500 $55,500 $ $73,275 $71,000 $ $140,923 $127,611 $62.10 Fountain Hills 5 $784,000 $725,000 $ $236,462 $253,000 $ $353,632 $353,993 $ Gilbert 8 $193,160 $190,500 $ $202,150 $199,900 $ $147,229 $145,951 $ $176,351 $151,300 $ $317,369 $253,128 $ Glendale 13 $150,531 $120,900 $ $125,975 $115,000 $ $113,944 $98,100 $ $121,911 $106,100 $ $202,099 $201,526 $ Gold Canyon 1 $95,500 $95,500 $ $332,613 $332,613 $ $158,467 $137,300 $ $233,226 $243,737 $ Goodyear 3 $142,467 $159,000 $ $162,655 $160,975 $ $161,000 $153,000 $ $142,326 $116,700 $ $241,196 $226,646 $95.43 Laveen 1 $250,000 $250,000 $ $168,925 $163,000 $ $90,000 $90,000 $ $130,122 $123,000 $ $210,914 $190,744 $97.55 Litchfield Park 1 $145,000 $145,000 $ $165,000 $165,000 $ $204,033 $193,600 $ $269,399 $293,100 $ Maricopa 3 $102,103 $98,809 $ $114,975 $115,950 $ $105,642 $104,500 $ $115,321 $116,700 $ $184,469 $153,033 $83.41 Mesa 23 $174,783 $135,000 $ $142,909 $121,650 $ $122,088 $122,500 $ $115,435 $114,200 $ $206,366 $176,391 $ New River 1 $299,900 $299,900 $ $256,950 $256,950 $ $86,300 $86,300 $ $117,900 $117,900 $75.58 Paradise Valley 2 $887,050 $887,050 $ $1,430,168 $1,272,682 $ Peoria 12 $206,187 $162,150 $ $123,593 $125,950 $ $94,513 $91,275 $ $110,836 $102,250 $ $222,183 $212,630 $ Phoenix 68 $136,223 $104,000 $ $127,261 $93,000 $ $87,553 $90,026 $ $116,579 $95,400 $ $190,218 $175,722 $ Queen Creek 2 $221,600 $221,600 $ $206,000 $208,000 $ $142,000 $142,000 $ $208,655 $197,300 $ $218,181 $177,956 $95.83 Rio Verde 1 $355,482 $355,482 $ San Tan Valley 2 $102,500 $102,500 $ $149,567 $146,200 $ $106,538 $106,326 $ $115,384 $119,400 $ $168,631 $160,000 $76.07 Scottsdale 21 $672,102 $450,000 $ $240,780 $260,000 $ $147,500 $147,500 $ $472,120 $375,750 $ $606,076 $356,673 $ Sun City 3 $117,840 $108,419 $ $42,938 $42,938 $ $152,500 $152,500 $ $122,503 $126,150 $ $115,186 $117,800 $71.56 Sun City West 1 $133,000 $133,000 $ $119,000 $119,000 $ $145,100 $145,100 $ $139,644 $135,000 $77.82 Sun Lakes 2 $140,000 $140,000 $ $224,000 $224,000 $ $162,750 $162,750 $ $194,334 $194,334 $83.78 Surprise 13 $163,650 $140,000 $ $142,323 $145,500 $ $127,320 $124,001 $ $140,031 $138,000 $ $209,167 $208,364 $95.13 Tempe 4 $233,200 $158,450 $ $168,833 $145,530 $ $161,550 $161,550 $ $197,538 $143,400 $ $183,860 $171,836 $ Tolleson 3 $127,667 $131,000 $ $127,300 $128,100 $ $99,070 $116,850 $ $106,319 $120,550 $ $181,367 $173,182 $ Tonopah 1 $102,699 $102,699 $35.56 Waddell 1 $180,000 $180,000 $ $131,833 $137,000 $ $159,250 $159,250 $57.97 Wickenburg 2 $144,763 $144,763 $ $40,000 $40,000 $ $139,000 $139,000 $ $423,356 $423,356 $ Wittmann 1 $204,000 $204,000 $ $145,750 $145,750 $ $203,335 $196,000 $87.80 Youngtown 1 $46,500 $46,500 $ $46,875 $46,875 $ $91,745 $104,000 $ $81,200 $81,200 $64.60 Maricopa County 222 $232,998 $144,500 $ $146,667 $139,450 $ $113,090 $114,000 $ $137,926 $115,000 $ $237,255 $193,959 $ Pinal County 20 $79,045 $77,000 $ $129,358 $120,000 $ $102,883 $101,876 $ $104,775 $102,900 $ $149,528 $138,268 $76.90 Total 242 $220,275 $135,000 $ $144,473 $134,500 $ $111,114 $110,000 $ ,005 $133,571 $114,001 $ $222,225 $184,740 $112.15