Reported by AZCentral, there was evidence that shows home prices in Phoenix are leveling off and more homes are for sale. In January 2019, the median price was $262,100. Buyers holding out until metro Phoenix home prices begin to plummet aren’t likely to become homeowners this year.
What do you think? Do you think this trend will continue throughout the rest of 2019? Let us know below in the comments!
According to AZ Central, recent data from the Cromford Report shows that home prices in the Phoenix area are finally leveling off and there are more homes for sale. “Buyers now might be competing with three other offers compared to 15 last year,” said Tina Tamboer, senior housing analyst with the Cromford Report.
The median has been hovering around $262,000 since October. That’s down from the record $268,000 it hit in June, but up from $260,000 it had dropped to in September. Prices dipped about the time 30-year mortgage interest rates climbed above 4.5 percent.
Too few homes for sale priced for first-time buyers led to the soaring sellers market during the past two years. Prices climbed about 7 percent in 2018 and 7.5 percent in 2017. But the number of new home listings in the Phoenix area jumped 78 percent from December, according to ARMLS.
Valley home sales fell 16 percent in January from December.“January’s numbers are in, and we are off to a roaring mediocre start,” said Arizona housing analyst Tom Ruff with The Information Market. “Not good, not bad, just slightly above average.”
Contact Jeff Cline at SVN | SFRhub Advisors
SVN | SFRhub Advisors
2400 E. Arizona Biltmore Circle
Phoenix, AZ 85016