PHOENIX HOUSING MARKET NEWS
The sky isn’t falling after all….there’s good news to be had
out there in the form of statistics and housing sales within the Phoenix metropolitan area. This information from Grubb & Ellis commercial, timely none the less: ”the first quarter of 2009, we saw an improvement in almost ALL markets including housing (sic)…..most experts predicting the bottom to form in the next couple of quarters.”
Other interesting statistics:
- Phoenix ranked #1 in most affordable of western cities.
- Phoenix is now #9 in foreclosures.
- Active listings dropped below 50,000 since February, 2007.
- New home closings up 16%, resales up 42%.
- Builders are reducing their inventory which is a critical step toward recovery.
All of these indicators are just a bright spot that need to be watched over the remainder of 2009. It’s still a great time to buy as the prices are competitive and the interest rates are still low. All indications are that the rates will begin to climb throughout the summer. Because we’ve never seen anything like this before it is still anyone’s guess as to how this will all play out.
