The number of sales dropped to 720 in the final quarter of 2006 from a record high of 1,785 in the second quarter of 2005, according to Realty Studies at Arizona State University's Polytechnic Campus.
The median price of an existing house in Pinal County also has steadily dropped, according to the figures released Friday.
In the fourth quarter of 2006, the median sales price for an
existing house was $191,500, down from $220,000 in the fourth
quarter of 2005.
Although the county has a limited job base and commercial real
estate sector, people were willing to drive longer distances to
find affordable housing, Realty Studies officials said.
While affordability has improved, higher gas prices and more
congested highways have begun to limit the county's housing
market, the firm said.
"Because investors were also drawn to the inexpensive housing in
Pinal County, higher prices have limited their role in the local
housing market," said Jay Butler, Realty Studies director.
"In order to reduce inventories, new-home builders have been
aggressively pursuing buyers through incentives such as
specially priced upgrades, free pools and gift cards."