PHOENIX HOUSING MARKET

There’s some good news for the Phoenix housing

market.  Unbelievable that it’s been 27 months of declining prices for homes in the metropolitan Phoenix housing market.  Started out slower, then boom!  In any event, after 27 months, according to ASU Professor Guntermann, a 3-month period of prices holding, sends indications that we’ve most likely hit the bottom of this decline.  There will most likely be certain markets that will continue to see drops in pricing….i.e., luxury home market.  Some areas will be harder hit than others, but it’s a positive sign that buyers are once again entering the marketplace.

Most buyers are under $200k and first time buyers, but they are keeping the market going.  We’ll most likely continue to see short sales and foreclosures for sometime to come.  This can change the scenario because foreclosures drive down the value of the “regular” sales.  Stay tuned….I’ll keep you updated as I find information.