for" /> Metro Phoenix Number Of Homes For Sale Rises

Metro Phoenix Number Of Homes For Sale Rises

Metro Phoenix Number Of Homes For Sale Rises

By Catherine ReagorThe Republic|azcentral.comFri Oct 4, 2013 2:28 PM
People trying to buy a house in metro Phoenix will be happy to know the number of homes for sale climbed and prices dipped in August.There were 13,413 houses on the market across the region at the beginning of September, according to the latest monthly report from the W. P. Carey School of Business at Arizona State University. That’s up 29 percent from a year ago.The median sales price is up 28 percent from a year ago but dipped from $194,150 in July to $192,000 in August.“Although demand still exceeds supply, they are fast moving toward each other,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.“If the current pace of change continues, they are likely to be in balance before the end of the year. The seller is no longer holding all the cards in the Greater Phoenix housing market.”The tight supply of houses on the market has been pushing up home prices for the past few years. Now that the number of listings is growing, Orr said home prices will continue to climb but at a “less furious pace.”Investor interest in the region’s housing market continues to wane. About 24 percent of the homes sold in August went to investors, compared with 40 percent in August 2012.Demand for luxury homes has been climbing as high-end home buyers have had better access to jumbo mortgages.Sales of luxury homes, priced above $500,000, has increased to account for 21 percent of all money spent on metro Phoenix houses during the past year. That compares with percent in August 2012.“Access to finance at the high end of the market is very good, and we are seeinginterest rates for jumbo loans even lower than the rates for conventional loans,” Orr said.“However, if the stock market is negatively

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Dated: October 9th 2013
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