The Arizona Republic reports on the June housing numbers. "The Valley's resale housing market took a hard fall in June, its worst performance for the month since 2000 and clear evidence that buyers sat out the start of the crucial summer selling season. The number of homes for sale and the time it takes to sell them keeps increasing, outpacing even more 'normal' years of 2003 and 2004, and the monthly selling reports look dismal."

"'It was a lot weaker than I thought it would be,' said Jay Butler, head of the Real Estate Center. 'I see a lot of for-sale signs staying up. I'm seeing homes that are on their third agent. Homes are getting initial drive-by activity from buyers, then nothing.'"

"Home builders have been blaming the local resale market for some of their troubles, saying that their buyers are canceling deals because they can't get what they want for their existing homes. Now, resale experts are saying that builders are messing up their market by dumping so many built-but-not-sold homes on the market with outsize buying incentives."

"'There are (resale) homes out there selling for more than the brand-new home is selling for, and it's in nicer shape and they're offering the pool,' said (realtor) Margie O'Campo de Castillo in Phoenix. 'Who could say no to that? It's going to be this way until the builders take these incentives back.'"

"(Realtor) Bill Ryan in Chandler said resale prices are down 15 to 20 percent in some areas compared with last year as the market has made 'dramatic adjustments' in the past 60 to 90 days. 'There is so much property on the market that it is a very strong buyers market. It has done a 180 turn to what it was a year ago.' he said."

The East Valley Tribune. "It was June swoon for home sellers. Sales of existing homes in the Valley fell sharply last month, prompting an Arizona State University residential real estate expert to suggest it may be an initial sign that the market is growing weaker."

"'If we make it through August without a real big pickup, things really slow in the resale market after August. People don’t want to get into the holiday season looking for homes,' Jay Butler said."

"Despite misgivings among some experts that apartments converted into condos might not sell, they have been selling fairly well in Ahwatukee Foothills. But because converted condos sell cheaper than condos built as condos, the conversions may be dragging down median condo prices there."

"The median prices for condos fell to $193,990 from $256,250. Butler said the decrease in condo prices could be because of the glut of converted apartments, which tend to be cheaper than units built as condos."

"Scottsdale's sales of existing homes continued to slow, dropping 13 percent from May to June. Scottsdale Realtor David Lewis said, 'I'm seeing prices coming down 3 or 4 percent. Those are the properties that are moving. Buyers are reluctant to pull the trigger, wondering if prices or interest rates will drop, said Lewis."