Phoenix regional real estate indicators show healthy need for houses.
The question is whether prices are following the housing market's return to pre-recession conditions. New July numbers from RL Brown Housing Reports show existing home sales up 22 percent in July from last year. New home sales were up 10 percent in July vs. July 2014, and allows for brand-new house construction were up 55.5 percent. Year-to-date, new home building permits are up 39 percent versus 2014 and existing house sales are up 13 percent.
Costs, nevertheless, are not revealing the very same toughness. The typical list price for an existing house in July came in at $200,000, according to Scottsdale-based RL Brown. The median cost of a brand-new home chose $299,990 in July
Here is a video done by Channel 3 with some information on the Phoenix housing market and the new "Boomerang Buyer". The real estate market has shown some great improvement over the last 6 months and with home buyers now passing the two year window for repurchase, you are starting to see more Phoenix area home buyers entering the marketplace. With increased demand for housing and a limited inventory, you are starting to see prices increase across the valley. However you still have a number of new listings hitting the market that are priced too high, but as a home buyer the appraisal is still your protection from over paying in a hot market. The downside is that some home sellers don't want to deal with appraisal issues and may look to work with buyers
ARMLS Quarterly report on Phoenix home prices and days on market.
For the most part, Phoenix area home prices and market activity for homes under $500,000 in quarter 4 was bascially flat compared to quarter 3. The average homes sold, active listings and days on market were essentially flat when compared to the prior quarter. However, activity does show improvement on homes between $500,000 and $1,000,000. There was about an 18% jump in the number sold Phoenix area homes in the fourth quarter and around a 10% bump in actively listed homes for sale. In addition, days on market for homes between $500k and $750K fell by 29 days, to an average of 99 days on market; marking 5.53 months of inventory in that price point at the current level. As the market
The Phoenix real estate market was number one in 2012 for the highest one year change in home prices according to Kiplinger.com. This should hopefully be good news for the Phoenix housing market overall as we start out in 2013. While we obviously cannot continue at this pace without creating another real estate bubble, I think it does show that this market may have over corrected and should find a more normalized mean for home prices.
Published by Yahoo Homes based on information from Kiplingers. See the entire Yahoo Homes article here.
#1. Phoenix, Arizona One-year change in home prices: +28.4% Median home price: $160,000 Change in price since peak: -51.2% Unemployment rate: 6.9% Foreclosure rate: 1 in every 384 households (0.26%)
The housing market in Phoenix continues on it's run as one of the hottest real estate markets in the country based on last months numbers. The median price was up 4.7% from October and up over 31% measuring back to November 2011; the 12th consecutive month with a year-over-year gain.
Sales of previously owned Phoenix area homes and condominiums hit their highest level for a November in seven years, even though some parts of the valley appeared to have slowed the last few months. The median Phoenix home price hit $167,500 last month, a four-year high, according to information released by DataQuick.
“Prices have risen as greater demand has met a relatively low supply of homes for sale,” DataQuick said in a news release. “But the median has also been pushed