Articles about Scottsdale Real Estate Trends
Phoenix new home starts are up 8.8%
By AZBigMedia.com, October 30, 2018
Metrostudy has released the results of their 3Q18 survey of the Phoenix housing market, and it shows relative affordability, solid economic growth and in-migration continuing to drive housing demand.
Some of the key findings include:
• Annual Single Family & Townhome New Home Starts are up 8.8% from 3Q17 Levels – Quarterly Starts are up 6.3% YoY
• The year-over-year change in quarterly starts by price range shows continued growth in the upper mid-range ($400-499k) and near luxury ($500-749k) price segments.
Valley home prices still on rise; outpace national average in August
By Patrick O’Grady – Managing Editor, Phoenix Business Journal, Oct 2, 2018
Valley home prices continued their rise during the summer, easily outpacing national averages in August, according to the latest CoreLogic price report. The region saw a 7.43 percent price increase compared with August 2017, pushing the region into an “overvalued” ranking from CoreLogic.
Despite the increasing prices, home values still are roughly 11 percent below the peak value in 2006, the report stated. Nationally, home prices rose 5.5 percent year over year, which actually represents a slowdown from previous months as the lack of affordable housing nationally and higher interest rates means fewer homes are selling.
Housing report: numbers show steady gains in metropolitan marketplace
Scottsdale Independent – by Terrance Thornton, September 12, 2018
As the population boom continues to unfold in Maricopa County, the Phoenix metropolitan housing market is on even footing and economic indicators suggest good times are here to stay, experts speculate.
Over the last 12 months, the median sale price for single-family homes in Maricopa County, which is $268,347, is up 8.8 percent while active listings are down 22.1 percent and closed sales are down 3.7 percent, according to data provided by the Scottsdale Area Association of Realtors.
Home prices rise 3 times faster than rents
AZ BUSINESS MAGAZINE, Aug 31, 2018
As home prices rise across the U.S., choosing to rent has become increasingly popular. New analysis by realtor.com reveals the monthly costs of buying a home have risen by 14 percent over the past year. This is more than three times the 4 percent increase in monthly rental costs. Additionally, this analysis found that the number of places where it is cheaper to buy has significantly declined in the past year.
“Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing,” said Danielle Hale, chief economist at realtor.com®. “Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year.
Luxury home values continue rising
By Tim Gallen – Digital Editor, Phoenix Business Journal, June 22, 2018
Luxury homes are a hot market in the Valley.
A look online this week at the top home sales for May found the top one fetching $6 million.
It wasn’t long ago that finding a home selling for more than $2 million was a major accomplishment. Now, home sales regularly include those selling in the $4-million to $5-million range.
Prices rise 7.8%, but homes selling faster
AZ BUSINESS MAGAZINE, June 20, 2018
In May, homes sold faster than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.
May home sales topped April sales by 14.5%, and were down by 2.8% from May 2017. The median sales price of $251,673was up 7.8%.
Home prices continue to increase in Phoenix market
By Angela Gonzales – Senior Reporter, Phoenix Business Journal, June 05, 2018
Home prices in metro Phoenix increased by 7 percent — a bit higher than the 6.9 percent national average — from April 2017 to April 2018, according to a CoreLogic report released today.
Nationally, the CoreLogic HPI Forecast indicates that the national home price index is projected to increase by 5.3 percent on a year-over-year basis from April 2018 to April 2019.
Are we there yet? Metro Phoenix home prices near 2006 record
Catherine Reagor, The Republic | azcentral.com, May 26, 2018
Could June be the month metro Phoenix home prices rebound to the record they hit in 2006?
A new analysis of pending sales in the Valley shows prices are nearly there.
Phoenix housing market sees 13.1% rise in new home starts
AZ Business Magazine May 10, 2018
Metrostudy has released the results of their 1Q18 survey of the Phoenix housing market, and it shows the best start to a new year for housing since the banner years of the early 2000’s.
Some of the key findings include:
• Through 1Q18, Annual New Home Starts are up 13.1% YoY while Annual Closings are up 18.3% over 1Q17
• Vacant Developed Lots (VDL) supply is in its 12th consecutive quarter of decline in the Phoenix market and is now about 56% of what it was at its peak in 2008.
Lack of homes driving prices up in Phoenix, nationally: Zillow
Patrick O’Grady, Managing Editor, Phoenix Business Journal, Apr 30, 2018
The number of homes for sale in Phoenix and around the U.S. is shrinking, putting a squeeze on prices that is costing buyers more, according to Zillow.
In Phoenix, inventory for all three home levels Zillow tracks are below last year’s level, and there were a total of 18,062 homes for sale in the region, according to the March statistics.
ULI: Real estate outlook promising for rest of 2018
azbigmedia.com, Apr. 19, 2018
The U.S. real estate industry is, in general, expected to be stronger than previously anticipated through 2018, according to the latest economic forecast from the Urban Land Institute’s (ULI) Center for Capital Markets and Real Estate. The ULI Real Estate Economic Forecast, which includes predictions over three years, is based on a semi-annual survey of 48 of the nation’s leading economists and industry analysts. Responses to the most recent survey, conducted in March 2018, suggest that the industry is receiving a boost from the enactment of the Tax Cuts and Jobs Act in December 2017.
Survey participants’ expectations were higher for the U.S. economy as well as the real estate industry than in the previous survey, which occurred in October 2017. Although the outlook for stronger economic growth is accompanied by the likelihood of higher inflation and higher interest rates, the rate hikes are not projected to be detrimental to 2018 real estate returns.
Metro Phoenix home prices are rising fastest in more affordable neighborhoods, data shows
Catherine Reagor, The Republic | azcentral.com, Apr. 12, 2018
It’s been a long, hard road to recovery for metro Phoenix’s boom-and-bust-battered housing market.
But some Valley neighborhoods are there — back to 2006 price levels, and higher. And other neighborhoods are very close.
Arizona housing market prices are rising, but still not recovered from recession
By Kara Carlson – Editorial Intern, Phoenix Business Journal Mar 1, 2018
As the nation’s housing market prices recover to pre-recession levels, homes in the Arizona market are still on average worth 16 percent lower than they were almost 12 years ago.
Those findings come from a report by CoreLogic looking at state by state and national market recovery.
Pending Home Sales Tick Up 0.5 Percent in December
Adam DeSanctis, National Association of Realtors, January 31, 2018
Pending home sales were up slightly in December for the third consecutive month, according to the National Association of Realtors®. In 2018, existing-home sales and price growth are forecast to moderate, primarily because of the new tax law’s expected impact in high-cost housing markets.
The Pending Home Sales Index,* www.nar.realtor/pending-home-sales, a forward-looking indicator based on contract signings, moved higher 0.5 percent to 110.1 in December from an upwardly revised 109.6 in November. With last month’s modest increase, the index is now 0.5 percent above a year ago.
Mortgage applications jump 4.5% as buyers rush to beat higher rates
Diana Olick, CNBC, Jan. 24, 2018
Spring has sprung early in this housing market. Buyers, seeing a new trend toward higher interest rates, are rushing in before the first buds appear.
Mortgage applications rose 4.5% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted report. Application volume was 6.1% higher than the same week one year ago.
2017’s strong housing market in metro Phoenix gives 2018 a lot to live up to
Catherine Reagor, The Republic | azcentral.com, Jan. 07, 2018
2017 will go down as one of metro Phoenix’s best-ever years for home sales
An early tally shows 93,500 Valley houses changed hands last year. That’s 6 percent higher than home sales in 2016.
Phoenix home prices up 6% since 2016
By Patrick O’Grady – Managing Editor, Phoenix Business Journal, Dec 26, 2017
Phoenix home prices are continuing to rise, clocking in at a 6 percent year-over-year increase, according to a new housing report.
The S&P CoreLogic Case-Shiller index report released Tuesday showed that, through October, the Valley’s home prices were continuing an upward trend.
Phoenix-area home sales on track for best year ever
Catherine Reagor, The Republic | azcentral.com, Aug. 4, 2017
2017 is shaping up to be one of the best years for home sales in metro Phoenix.
Sales aren’t higher than the boom year of 2005 when speculators bought a record number of homes, or the bust year of 2011 when investors snapped up a record number of bargain Phoenix-area foreclosure homes.
Builders Speed Up to Meet Housing Demands
DAILY REAL ESTATE NEWS, July 20, 2017
Home builders are ramping up the pace of new-home construction in response to an ongoing shortage of homes for sale across the country.
Housing starts nationwide jumped 8.3 percent in June to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department reported Wednesday. Single-family production zoomed to its second highest rate of this year, increasing 6.3 percent month-over-month to a seasonally adjusted annual rate of 849,000 units. Multifamily starts also rebounded last month, posting a 13.3 percent increase to 366,000 units.
You won’t believe how cheap Phoenix is to live compared to San Francisco, New York, Los Angeles
Mike Sunnucks, Phoenix Business Journal, Jul 17, 2017
We know living in Phoenix is a lot cheaper than other big U.S. cities such as New York and San Francisco.
A new analysis by SmartAsset — a New York-based personal finance technology firm — shows just how much.
Phoenix tops US in population growth (more than LA, NYC) and why that’s good for the economy, business
Mike Sunnucks, Phoenix Business Journal, May 25, 2017
Phoenix is tops in the U.S. for population growth, according to new data from the U.S. Census Bureau.
Phoenix added 32,113 persons to its population between July 2015 and July 2016. That’s more than any other city in the U.S.
Existing home sales highest since 2006; up 18% over year ago
Mike Sunnucks, Phoenix Business Journal, May 11, 2017
Sales volume for existing homes in the Valley is at its highest level since 2006 — before the last crash and recession — and is up 18 percent versus last year.
That is according to Phoenix regional housing data crunched by real estate expert Fletcher Wilcox.
Metro Phoenix new-home prices ready to rise in 2017
Catherine Reagor, The Republic | azcentral.com January 6, 2017
New-home shoppers will likely see higher prices in metro Phoenix this year. Don’t expect a big jump, but home builders are poised to start raising prices to offset their rising costs.
Shoppers for newly built homes will likely see higher prices in metro Phoenix this year.
This Valley city is the best place to find a new job
Tim Gallen, PHOENIX BUSINESS JOURNAL AFTERNOON EDITION January 4, 2017
If you’re looking to find a new job, Scottsdale is the best place in the country, according to a new ranking from WalletHub.
The personal finance website that publishes any number of rankings throughout the year is out with a list of the best and worst cities for jobs in 2017.
Phoenix home sale prices continued to rise in October
Patrick O’Grady, PHOENIX BUSINESS JOURNAL December 27, 2016
Phoenix home prices rose again in October and were setting a decent pace for the year, according to data released Tuesday by the S&P CoreLogic Case-Shiller home report.
Prices rose 0.4 percent in October over September’s prices, and were up 0.5 percent on a seasonally adjust average in September over August.
Realtor.com: Phoenix will be No. 1 housing market in 2017
Catherine Reagor , The Republic | azcentral.com December 1, 2016
The Phoenix housing market has improved from one of the worst to one of the best in less than a decade.
Real estate website predicts Valley home prices to climb 5.9 percent, and sales to jump by 7.2 percent next year; LA is No. 2.
Real Estate in 2017: What To Expect
realtor.com, DAILY REAL ESTATE NEWS, Nov 18, 2016
2016 was marked by low interest rates and a surge of millennials entering the housing market, so what can real estate professionals expect to see in 2017? MarketWatch recently broke down some major themes that will impact your business in the upcoming year.
The suburbs are not dying, in fact John Burns Consulting says almost 80 percent of residential growth to occur in suburban communities over the next 10 years. Suburbs are, however, incorporating urban amenities like pedestrian-friendly shopping areas, general walkability, and entertainment options. This new type of suburbia also has a new name: Surban.
Magic 8 Ball Alert: Housing Market Likely to Stay Strong for the Rest of 2016
realtor.com, By Jonathan Smoke, Nov 03, 2016
Well, the initial reports are now complete for September, and we can see that the strong first half of the year for housing did not lose momentum as the kids went back to school and temperatures cooled.
The market is strong and seems poised to remain so for the rest of the year. However, the improving economy presents both opportunities and challenges for the months ahead.
Phoenix housing market now among the best in the U.S.
The Phoenix Business Journal, by Patrick O’Grady, Sep 18, 2016
Phoenix’s housing market, after a tumultuous decade, is nearly back on top as the best in the U.S.
That’s according a new report from Bankrate.com, which looked at several factors in the region’s housing market to come up with the rankings, according to Azcentral.com.
Report says Arizona economy is outperforming again
The Republic | azcentral.com, by Russ Wiles, August 23, 2016
Arizona’s economy is shedding its underperforming label and will start to push above the national average, according to a new report.
Robert Kavcic, senior economist at BMO Capital Markets in Toronto, expects the state’s economy to grow by 2.1 percent this year and 2.4 percent next year, following subpar strength over the past five years.
PHOENIX AVERAGE RENT INCREASE NATION’S HIGHEST THIS MONTH
Bisnow, by Mallory Wilson, Jun 16, 2016
Average rent for a one-bedroom apartment in Phoenix increased 13% this month, topping the national charts. Rent rose from $764/month to $861, a leap that earned Phoenix the No. 1 spot, according to Abodo’s June 2016 National Apartment Report.
“The rent increase in Phoenix could result from a number of issues,” Abodo senior communications manager Sam Radbill tells Bisnow. “Some industry experts have suggested that landlords are feeling pressured because of increased demand for units while inventory is low.”
Metro Phoenix housing market has best month in a decade
The Republic | azcentral.com, by Catherine Reagor, May 27, 2016
Foreclosures low, home building high, prices affordable and buyers are moving to the area.
April just might have been the best month for metro Phoenix’s housing market in a decade.
Rising rents spurring more metro Phoenix homebuyers
The Republic | azcentral.com, by Catherine Reagor, May 14, 2016
Rents for homes, condominiums and apartments climbed sharply in many Valley neighborhoods during the past few years and are still on the rise.
More Millennials and boomerang buyers bouncing back after foreclosure are purchasing metro Phoenix homes than ever. But it’s not just because they want a place of their own.
Single-family home sales hit highest level since 2008
AZBIGMEDIA, by Jesse A. Millard, March 01, 2016
In December, new single-family home sales had their best month since 2008, with $514 million worth of sales, according to the W.P. Carey School of Business at Arizona State University greater Phoenix housing report.
Permits for new construction also attained their highest levels since 2008 with 16,768 permits issued in 2015, according to the report, which was written by Michael Orr at the Center for Real Estate theory and Practice.
2015 good for metro Phoenix housing; why 2016 could be better
The Republic | azcentral.com, by Catherine Reagor, January 28, 2016
After 9 percent growth last year, this year could be one of the best for Valley in the past decade, expert says.
Metro Phoenix’s housing market recovery has been long and slow. But it’s on track. And this year is poised to be the best year for home sales and prices in the Valley in nearly a decade.
Arizona employment nearly reaches pre-recession levels
The Phoenix Business Journal, by Eric Jay Toll, Nov 22, 2015
Arizona’s employment level has almost equaled its pre-recession high with healthy job growth in October that cut the state’s unemployment rate by half a percent, according to the Arizona Department of Administration.
More than 60,300 jobs were added in October 2015 over last year, with an increase of 33,800 over September. The increase was greater than the post-recession average of 23,900 jobs month-over-month. The new hires dropped the unemployment rate to 6.1 percent from 6.6 percent last October.
Cool temperatures bring hot Phoenix home prices, sales
The Republic | azcentral.com, by Catherine Reagor, Nov 19, 2015
Shrinking number of homes available below $300,000 drives increase in prices; sales soar by 19 percent.
Temperatures have cooled, and most of metro Phoenix’s housing market is heating back up.
Mortgage Rates Set to Rise, Adding Frenzy to Real Estate Market
by Brian O’Connell, Nov 10, 2015
A highly positive October jobs report, with 271,000 new jobs created, shows the U.S. economy picking up speed, and that can mean good or bad news for the residential real estate market, depending on whether you’re a seller or a buyer.
Realtor.com estimates the strong employment report will boost U.S. home sales activity and will also hike U.S. mortgage rates above 4%.
Mortgage Applications Surge 11% in One Week
DAILY REAL ESTATE NEWS | WEDNESDAY, SEPTEMBER 02, 2015
Demand for home loans soared last week as interest rates took a temporary dip. Overall mortgage application activity — accounting for applications for refinancings and home loans — climbed 11.3 percent on a seasonally adjusted basis for the week ending Aug. 28, according to the Mortgage Bankers Association. Volume now stands 30 percent higher than a year ago.
Broken out, applications for refinancing rose 17 percent week-over-week, reaching the highest level since April. Loan applications for home purchases increased 4 percent. Applications for home purchases are 25 percent higher than a year ago.
Phoenix real estate market still hot, but becoming more balanced
RealEstateRama, By RealEstateRama August 14, 2015
The Scottsdale Area Association of Realtors® (SAAR) recently released its monthly Market Data Report, which highlights key metrics for residential real estate inventory.
The number of homes currently listed for sale dropped once again this month, making July the sixth continuous month of decreasing inventory in the Valley. There is currently $7.7 billion in total volume of homes for sale, down from $9.1 billion this same time last year. Lack of inventory leads to higher sales prices as more buyers compete for less available homes.
Boomerang Buyers to Drive Up Phoenix Prices
Arizona REALTOR® Voice, by ARIZONA REALTORS on JUNE 22, 2015
The number of buyers shopping for homes in the Phoenix real estate market in April continued to increase. But, the supply of houses for sale was still falling, especially those costing $200,000 and less, according to the monthly real estate report from the W. P. Carey School of Business. Michael Orr, director of the Center for Real Estate Theory and Practice and author of the report, says significant increases prices will likely follow — at least for entry- and mid-level homes.
“Demand was weak throughout 2014 and until the end of January this year,” Orr said, “however, it suddenly recovered in February, and April’s numbers confirm this was no anomaly.” Demand is up across all price ranges, he added, but supply is “very weak” below $200,000, where sellers are seeing multiple offers and buyers are getting frustrated.
Existing home sales hit highest level since 2009
Phoenix Business Journal, By Kent Hoover June 22, 2015
Sales of existing homes jumped to their highest level in nearly six years in May, according to the National Association of Realtors.
The 5.1 percent increase in May brought sales to a seasonally adjusted annual rate of 5.35 million. That’s 9 percent above the pace a year ago. Included in this total are sales of single-family homes, townhomes, condominums and co-ops.
Demand outpaces new and resale home inventory
Scottsdale Area Association of Realtors, By SAAR, June 9, 2015
The count of homes currently listed as active for sale continues to decline for the fourth month in a row. May saw a steep decline, with the active listing count dropping 18%. As is typical, this declining inventory is due to the homes currently listed for sale turning to “pending” or “sold”, without enough new homes being listed “active for sale” to replenish the inventory of what is being sold.
7,438 homes sold in May, with a total volume of $2.1 billion. This is the highest dollar volume of home sales in a single month in over two years.
It’s a Seller’s Market!
Scottsdale Area Association of Realtors, By SAAR, May 20, 2015
The Scottsdale Area Association of Realtors® (SAAR) recently released its monthly Market Data Report, which highlights key metrics for residential real estate inventory.
Though there were more new homes that came on the market in April than the same month last year, the overall volume of single-family, condominium and townhomes listed for sale is substantially under 2014 levels. That’s because the number of homes selling has continued to increase over the past few months; April sales are up 5.3% from the previous month.
Expect a stronger spring in the Phoenix housing market
Arizona Business Magazine, By W. P. Carey School of Business March 30, 2015
Expect to see a stronger spring this year in the Phoenix housing market than we saw last year. January was the “lull before the storm,” according to the latest monthly report from the W. P. Carey School of Business at Arizona State University. Here are the highlights of that report on Maricopa and Pinal counties for January:
The median single-family-home sales price went up 5.6 percent from January 2014 to January 2015 — $197,000 to $208,000.
Condos and townhomes continue to gain a larger share of the market.
Preliminary February figures show demand about to boom, with the number of homes under contract dramatically rising.
Phoenix real estate: Sales volume, foreclosures down while prices, rents up
Phoenix Business Journal, By Mike Sunnucks March 19, 2015
Arizona State University housing expert Michael Orr has some springtime optimism about Phoenix’s real estate market despite January declines in sales volumes for new and existing homes.
Orr said some January data and forward-looking trends show housing improvements.
February foreclosures lowest in Phoenix area since 2006
The Republic | azcentral.com, By Catherine Reagor March 09, 2015
Metro Phoenix foreclosures have fallen back to pre-housing bust levels.
During February, 303 Valley houses were taken back by lenders, according to The Information Market, a division of the Arizona Regional Multiple Listing Service. That’s the lowest monthly level since December 2006, when 211 houses in the region were foreclosed on.
Maricopa County home values on rise; check out yours
The Republic | azcentral.com, By Catherine Reagor February 20, 2015
Most metro Phoenix homeowners will be happy to learn that their property values climbed again last year, though the increase was smaller than in 2013.
But the impact on taxes is still to come. New valuations from the Maricopa County Assessor show that the overall worth of Valley houses climbed almost 7 percent last year.
Report: Phoenix-area townhome, condo prices surge in 2014
East Valley Tribune, By staff February 17, 2015
TEMPE, Ariz. (AP) — Arizona State University researchers say prices for Phoenix-area townhomes and condominiums rose faster than expected in 2014.
A W.P. Carey School of Business report says the median sales price for condos and townhomes rose by 15 percent in 2014 amid strengthening demand. The median sales price for condos and townhomes increased to $142,000 from $123,900.
Phoenix makes ‘Hottest Housing Markets’ list
Phoenix Business Journal, By staff December 09, 2014
Phoenix was named one of the hottest housing markets in the U.S. for next year.
Despite reports that Valley home building is down 15 percent, economists at Realtor.com said Phoenix’s potential for income growth and new-home construction makes it one of 2015’s hot housing markets, The Arizona Republic reported.
Foreclosures fall in metro Phoenix
The Republic | azcentral.com, By Catherine Reagor December 03, 2014
Foreclosures plummeted in metro Phoenix during November.
The number of Valley houses taken back by lenders fell to 335 last month, a 28-percent drop from the 469 residential foreclosures in October, according to real estate data research firm The Information Market.
Houses sold by agents fetch higher prices, study shows
The Republic | azcentral.com, By Catherine Reagor November 07, 2014
Hire a real-estate agent? List the property ourselves? Some homeowners who are ready to sell debate the issue.
For-sale-by-owner listings, known as FSBOs, are believed by some to be the cheapest way to sell a house. But new research on metro Phoenix home sales from the Information Market shows houses sold by real-estate agents bring in higher prices.
Phoenix-area foreclosures continue to fall
The Republic | azcentral.com, By Catherine Reagor Oct 01, 2014
The number of metro Phoenix houses taken back by lenders through foreclosure fell to 405 in September, the lowest level since early 2007.
In September 2013, there were 684 residential foreclosures in the Valley, according to The Information Market, a division of the Arizona Regional Multiple Listing Service.
Phoenix-area home sales, prices cool in July
The Republic | azcentral.com, By Catherine Reagor Sept 16, 2014
Metro Phoenix’s housing market didn’t heat up in July. Both sales and prices dipped.
Home sales fell 4.5 percent and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University.
Expert Says Valley’s Modest Real Estate Gains Are Good News
By KJZZ News, June 24, 2014
New statistics released Tuesday by the home data company RealtyTrac show home prices were up 13 percent nationally last month.
In Phoenix and Arizona they were up, but at a considerably lower rate of 6 percent. That compares to 28 percent last May.
Sales of existing homes jump in May
Phoenix Business Journal, video, June 23, 2014
Sales of existing homes jumped nearly 5 percent in May to an annualized rate of 4.9 million, the biggest monthly increase in nearly three years.
May’s sales volume, however, was 5 percent below what it was a year earlier, according to the National Association of Realtors.
Phoenix housing market sees normal spring bounce but what comes next?
ASU News, May 06, 2014
The Phoenix-area housing market is experiencing a normal seasonal spring bounce in activity and prices, but what will happen next? A new report from the W. P. Carey School of Business at Arizona State University talks about the waves of consumers that will likely start returning to the housing market next year, for the first time since the recession.
Here are the latest details about Maricopa and Pinal counties, as of March
Why the Phoenix housing market has swung in favor of buyers
Phoenix Business Journal by Kristena Hansen, Reporter, May 6, 2014
A year ago, the Phoenix-area housing market was facing a chronic shortage of homes for sale and surging prices exasperated would-be buyers.
Today, however, nearly the opposite is true. Supply has now stabilized, with buyers having 64 percent more listings to choose from on April 1 than they did a year ago, according to Arizona State University…
Luxury homes booming as housing price gains slow
Phoenix Business Journal by staff, May 2, 2014
Luxury home sales are increasing even as the rest of the housing market slows. Bloomberg reported the nummber of sales of homes for $1 million or more was up 7.8 percent in March, according to the National Association of Realtors.
At the same time, the number of homes valued at $250,000 or less, which make up two-thirds of the market, dropped by 12 percent.
Pending home sales up for first time in nine months
Phoenix Business Journal by Kent Hoover, Washington Bureau Chief, Apr. 28, 2014
Good news on housing — pending sales of existing homes rose in March for the first time in nine months.
The National Association of Realtors’ index of pending home sales, which is based on contract signings, rose 3.4 points to 97.4 in March. That’s still nearly 8 points below where it was a year earlier, however.
Housing prices up across US, but sales are down
Phoenix Business Journal by staff, Apr. 25, 2014
U.S. home selling prices are up, but the number of sales is slumping, particularly in Arizona and the West.
Bloomberg reported sales were at the lowest level in two years in the Western U.S.
Phoenix residential foreclosure inventory plummets
Phoenix Business Journal by Kristena Hansen, Reporter, Mar. 31, 2014
Foreclosure inventory throughout metro Phoenix plunged by roughly 56 percent year-over-year in January, according to a new report by CoreLogic.
The 0.59 percent foreclosure rate — meaning the percentage of mortgaged homes in some stage of the foreclosure process — was also substantially lower than the 1.97 percent national average for January.
Phoenix-area home prices projected to stabilize in ’14
The Republic | azcentral.com, By Catherine Reagor, Matt Dempsey and Ryan Konig Mar 16, 2014
Home values climbed across metro Phoenix again in 2013, and many neighborhoods saw double-digit increases.
More than half of all the ZIP codes in Maricopa and Pinal counties posted their biggest annual increase in home prices since the crash, according to The Arizona Republic’s latest Valley Home Values Report.
Website: Buying home cheaper than renting in Phoenix
KTAR by By Bob McClay, Mar. 14, 2014
SCOTTSDALE, Ariz. — Buying a home may actually be cheaper than renting, a home-pricing website said.
Trulia.com says monthly payments are less for homeowners than renters. “Owning a house is about 38 percent cheaper than renting,” said Valley real estate expert Dean Wegner.
Where Phoenix ranks among fastest-growing cities
Phoenix Business Journal by staff, Reporter, Feb. 18, 2014
Forbes has released its annual ranking of the nation’s 20 fastest-growing cities in terms of population and economic growth — and Phoenix landed at the No. 3 spot.
Phoenix’s population growth rate last year was 1.67 percent, according to the magazine, but the ranking isn’t based solely on population increase.
Has the Phoenix housing market finally balanced out? 2014 could provide the answer
Phoenix Business Journal by Kristena Hansen, Reporter, Feb. 14, 2014
When it comes to home prices, supply and demand, the pendulum has been swinging from one extreme to the other in Phoenix since the housing boom of a decade ago.
The metro Phoenix housing market went from a pre-recession sellers’ market to a buyers’ market amid the foreclosure crisis. Then it went back in the sellers’ favor again these past two years when inventory levels and interest rates were at all-time lows.
Arizona foreclosure market ranks among healthiest
Phoenix Business Journal by staff, Feb. 02, 2014
For several years the number of homes in foreclosure in Arizona was among the nation’s highest. The state is now among the lowest in foreclosures as a percentage of homes for sale.
Wall St. Cheat Sheet reported Arizona was in the top 12 best foreclosure markets with the housing inventory containing 0.8 percent bank-owned properties.
Existing-home sales top 5 million in 2013 — best year since 2006
Phoenix Business Journal by Kent Hoover, Washington Bureau Chief, Jan. 23, 2014
More than 5 million existing homes were sold in 2013, the best year since the boom times of 2006, when 6.5 million were sold.
That’s according to the National Association of Realtors, which reported that single-family homes, town homes, condominiums and co-ops sold at a seasonally adjusted annual rate of 4.87 million in December,..
Phoenix-area housing market tilts in favor of buyers
The Republic | azcentral.com, By Catherine Reagor, Jan 25, 2014
The number of houses for sale in metro Phoenix has climbed almost 40 percent in the past year. With many more properties from which to choose, the market is tilting away from sellers toward people looking to buy.
The entire region can’t yet be called a buyer’s market, but certain areas, including the northwest Valley and Pinal County, have enough houses listed for sale to exceed demand.
Median Phoenix-area home price finally back to $200,000
Phoenix Business Journal by Kristena Hansen, Reporter, Dec. 12, 2013
Median Phoenix-area home prices reached the $200,000 mark in October, a milestone that comes amid falling buyer demand and an overall cooling of the local market.
An Arizona State University report released today shows October’s median price was 27-percent higher than a year earlier.
Arizona’s home foreclosure rate plunges
Phoenix Business Journal by Kristena Hansen, Reporter, Dec. 09, 2013
Arizona’s foreclosure rate in October was cut in half from where it was a year earlier and the state had the second-biggest year-over-year drop in the nation behind only California, according to CoreLogic’s latest foreclosure report on Monday.
Thanks to that big dip, Arizona — once ground-zero for the housing crisis — had the ninth lowest foreclosure rate in the nation in October at 0.8 percent, the report said. It was 1.6 percent in October of last year.
Planning to Buy a Home in 2014? Get Ready Now
RealEstate.aol.com, By Christine DiGangi, Dec. 02, 2013
With big changes coming to the mortgage industry at the beginning of next year, many consumers will want to evaluate their homebuying plans. Regulations drafted by the Consumer Financial Protection Bureau will change the definition of a qualified mortgage for any loan applications received on and after Jan. 10, and many consumers may find themselves unable to meet the new requirements.
Qualified mortgages are loans that meet certain standards designed to ensure that borrowers are highly likely to be able to pay back the amount in question. Facing this challenge, it’s up to the hopeful homeowner to improve their chances of mortgage approval by doing the necessary research, improving their credit profiles and meeting the qualified mortgage standards well in advance of filling out loan applications.
Metro Phoenix housing: Increasing prices ease struggles for owners
The Republic | azcentral.com, By Catherine Reagor, Oct 20, 2013
A few years ago, it seemed all metro Phoenix homeowners had a foreclosure on their street — or were facing losing their own house.
Everybody seemed to know someone who was battling with a lender and trying to complete a short sale instead of losing their home to foreclosure.
Supply shortage in Phoenix housing market finally loosening – for now
Phoenix Business Journal by Kristena Hansen, Reporter, October 04, 2013
The chronic supply shortage that has had a stronghold on the metro Phoenix housing market this past year is finally loosening its grip and may return to a state of normalcy by year end, according to the latest Arizona State University report released Friday.
There were 13,413 homes for sale and not in escrow on the Arizona Regional Multiple Listing Service on Sept. 1 ? up more than 12 percent from August and a nearly 30 percent year-over-year, the report said.
Arizona’s mortgage delinquencies plummet
The Republic | azcentral.com, By Russ Wiles, Aug 07, 2013
Arizonans are again putting up the nation’s best numbers in terms of cleaning up mortgage problems.
The proportion of homeowners with past-due home loans from April through June fell more sharply in Arizona than in any other state, reported credit-bureau TransUnion in a new study.
Phoenix home foreclosure inventory down to meager 1 percent
Phoenix Business Journal by Tim Gallen, Reporter, July 30, 2013
Phoenix had a home foreclosure inventory of just 1 percent in June, down 1.5 percentage points from a year ago, according to a new report from Irvine, Calif.-based CoreLogic.
The report shows that the Phoenix metro area had 20,464 completed foreclosures for the 12 months ending June 2013. Phoenix accounted for 64 percent of all completed Arizona foreclosures during that period.
Phoenix-area home foreclosures plummet from a year ago
Phoenix Business Journal by Kristena Hansen, Reporter, July 23, 2013
Slightly more than 1 percent of all outstanding residential mortgages across the Phoenix area were in some stage of foreclosure in May – a massive 62 percent drop from a year ago and far below the national average, according to a report released Tuesday by CoreLogic.
The findings are similar to Arizona State University’s most recent housing report for May, which found the number of foreclosure starts Valleywide – 1,639 – were down 66.6 percent year-over-year and significantly down from peak levels of March 2009 when the figure topped 10,099.
Phoenix jumps 10 spots in On Numbers Economic Index
Phoenix Business Journal By Erin Roman – Editorial Intern, July 22, 2013
Phoenix moved up 10 spots since last month to No. 25 in July’s On Numbers Economic Index, another sign of its improving economy.
The On Numbers Economic Index measures the relative vitality of 102 major metropolitan areas with populations of more than 500,000. The index is generated by an 18-part formula that assesses private-sector employment growth, unemployment, earnings, home values, and construction and retail activity.
Foreclosures fall to pre-housing bust levels
@CNNMoney By Les Christie, July 11, 2013
The long national foreclosure nightmare is nearing its end, with foreclosure filings hitting their lowest level since before the housing bust.
Total foreclosure filings, including notices of default, scheduled auctions and bank repossessions, dropped to 127,790 in June, down 35% over the past 12 months, according to RealtyTrac. Overall, filings have hit their lowest monthly level since December 2006.
ASU: Phoenix-area home prices still surging as inventory remains low
Phoenix Business Journal by Kristena Hansen, Reporter, July 08, 2013
Arizona State University’s monthly housing report for May showed two sides to a very complicated and rapidly changing Phoenix-area housing market.
On the upside, home prices in metro Phoenix are still surging, albeit at a slightly slower annual pace of 26 percent. In addition, investors continue to lose interest and what was once ground-zero for the foreclosure crisis has returned to some degree of normalcy.
Mortgage rates post largest weekly increase in 26 years
Inman news, Jun 27, 2013
Mortgage rates skyrocketed on news that the Federal Reserve may begin to taper its stimulus program, jumping by their largest weekly margin since 1987, Freddie Mac reported.
Rates on 30-year fixed-rate mortgages averaged 4.46 percent with an average point of 0.8 percent for the week ending June 27, up from 3.93 percent last week and 3.66 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.
Pending Home Sales Soar 6.7 Percent to Reach 6-Year High
By: Diana Olick | CNBC Real Estate Reporter, Jun 27, 2013
Signed contracts to buy previously owned homes rose to the highest level in six years. Rising interest rates may be causing some buyers who were on the fence to get in quickly before they are priced out.
The Pending Home Sales Index from the National Association of Realtors rose 6.7 percent in May from April, and is now up 12.1 percent from a year ago. A shortage of homes for sale has weighed on the market this year, even as demand increases. Contracts to buy newly built homes rose to a five-year high in May, according to the U.S. Census.
Arizona foreclosure inventory down 58 percent from a year ago
Phoenix Business Journal by Kristena Hansen, Reporter, Jun 25, 2013
Phoenix was ground zero for the housing crisis only a few years ago, but is now seeing foreclosure activity plunge to some of the lowest levels in the nation.
Arizona’s foreclosure inventory took a 58 percent year-over-year nosedive to a rate of 1.3 percent in April, according to CoreLogic’s latest foreclosure report released Tuesday.
Cities where home prices have risen the most in the past year
Yahoo Homes – By Pat Mertz Esswein | Kiplinger.com, Jun 12, 2013
These 12 metro areas experienced the largest percentage increases in home prices among cities with populations of more than 250,000 for the year ending March 31. Prices come from Clear Capital, a provider of real estate data and analytics.
The spike in home prices in these cities was driven primarily by demand from investors, who snatched up bargains in distressed properties. With tight supply and higher prices, sales in most of these cities are slowing compared with the year before.
Why Phoenix is NOT headed for another housing bust
Phoenix Business Journal by Kristena Hansen, Reporter, Jun 11, 2013
Rumors have been percolating lately that the rapid rebound of the metro Phoenix housing market may soon lead to another bust.
Arizona State University’s Michael Orr, on the other hand, thinks that notion is ludicrous – so much so that he carved out a new section of his latest monthly housing report to debunking it.
Metro Phoenix median home-sales price up 60% from market low
The Republic | azcentral.com, By Catherine Reagor, Jun 10, 2013
Metro Phoenix’s median home-sales price climbed to $181,399, an almost 60 percent increase from the real estate crash’s low price in August 2011.
Despite the increase in sales prices, Arizona State University real estate analyst Mike Orr doesn’t project another housing bubble in the Phoenix area anytime soon.
Phoenix home foreclosure rate down sharply from a year ago
Erin Roman, Phoenix Business Journal, May 29, 2013
The foreclosure rate in the Phoenix area declined in April from a year ago, more proof of the improving housing market in Arizona.
According to new data from CoreLogic, the Phoenix-area foreclosure rate was 1.2 percent in April, as opposed to 2.7 percent a year earlier.
Arizona has biggest mortgage delinquencies dip
The Republic | azcentral.com, By Russ Wiles, May 08, 2013
Arizonans are climbing out of mortgage hot water at a faster rate than anyone else in the nation
A new study shows the state had the biggest improvement in mortgage delinquencies over the past year – a further sign that the housing market is recovering and consumers are making progress in paying off debts.
Arizona home-price jump surpasses national surge
azcentral.com, Associated Press, By Christopher S. Rugaber, May 07, 2013
WASHINGTON – A survey shows U.S. home prices rose 10.5 percent in March compared with a year ago, the biggest gain since March 2006.
But Arizona home prices gained 16.8 percent, according to Core Logic, a real estate data provider.
Phoenix housing prices up 30% in past year
Phoenix Business Journal by Kristena Hansen, Reporter, May 03, 2013
Metro Phoenix kicked off the bustling home-buying season with another big price surge while the local supply problem worsened, according a report released Friday from Arizona State University.
Single-family homes across the Phoenix area saw prices climb by nearly 30 percent year-over-year in March to $175,000, the report said. That’s also a 3 percent increase from the previous month, although slightly less than the 4.3 percent price increase the Valley saw between January and February.
Phoenix tops in nation for home price gains
Phoenix Business Journal by Kristena Hansen, Reporter, April 30, 2013
The comeback of the metro Phoenix housing market far outpaced the nation in February, posting the biggest year-over-year price gain out of the top metropolitan areas, according to the latest report by the Standard & Poor’s/Case-Shiller Home Price Indices.
Valley home prices surged by 23 percent in February from a year earlier, by far the biggest gain of all 20 cities measured on the index. Month over month, Phoenix-area home values climbed by a seasonally adjusted rate of 1.8 percent, tying for second highest along with Los Angeles and San Francisco.
Phoenix-area home foreclosure rate continues to fall
Phoenix Business Journal, By Adam Kress, April 26, 2013
Foreclosure and mortgage delinquency rates in the Phoenix area declined in February from a year ago, another sign of a stabilizing housing market in Arizona.
New data from CoreLogic shows that the rate of Phoenix-area foreclosures among outstanding mortgage loans was 1.31 percent in February, a decrease of 1.67 percentage points compared with a year earlier.
Arizona among top states in home-price gains in Feb.
azcentral.com, By Christopher S. Rugaber, April 3, 2013
WASHINGTON – U.S. home prices jumped in February by the largest amount in seven years, with Arizona among the nation’s five biggest gainers.
The increases are further evidence that the housing recovery strengthened ahead of the all-important spring-buying season.
U.S. home-price growth at six-year high – Phoenix prices up 23% over one year
Market Watch, The Wall Street Journal, By Steve Goldstein, March 26, 2013
U.S. home prices edged up in January to make the year-on-year improvement the fastest in more than six years, according to data released Tuesday.
The S&P/Case-Shiller 20-city composite index nudged up 0.1% to take the year-on-year gain to 8.1%. The level is the highest since Sept. 2010, and the growth rate is the strongest since June 2006.
Metro Phoenix real estate now a seller’s market
The Republic, By Catherine Reagor and Ryan Konig, March 25, 2013
It’s a seller’s market in metro Phoenix real estate, with so few moderately priced houses on the market that typical buyers have to scramble to make a deal.
Last week, about 13,000 houses and condominiums across the region were listed for sale. In 2008, there were four times as many houses for sale in the Phoenix area, according to the Arizona Regional Multiple Listing Service.
Zillow: More than 135,000 around Phoenix no longer ‘underwater’ on mortgage
Phoenix Business Journal by Kristena Hansen, Reporter, February 20, 2013
More good news for metro Phoenix homeowners: Last year’s underwater rate plunged by nearly 31 percent from the year before, according to Zillow Inc.’s latest report released late Wednesday.
In actual figures, that means more than 135,000 Valley homeowners saw their home values rise enough that they were able to climb out of negative equity last year – by far the largest number of any major metropolitan area, Zillow said. The closest figure to Phoenix was the nearly 73,000 homeowners in Los Angeles who finally went from underwater to above water.
Foreclosures no longer driving force in metro Phoenix market
The Republic, By Catherine Reagor, February 08, 2013
For the past five years, foreclosures have been one of the most important indicators to track metro Phoenix’s housing market. Not anymore.
Both foreclosures and foreclosure starts have fallen back to levels not seen in the region since 2007. In January, lenders took back 1,339 houses, according to the Information Market. During 2009-11, monthly foreclosures regularly topped 4,000 and often climbed above 5,000.
Phoenix area home prices rise 34% in 2012
The Republic, By Catherine Reagor, February 07, 2013
The median price of a metro Phoenix home climbed 34 percent in 2012. The rapid rise in home prices over the past 12 months means that many homeowners have regained more than one-half of the value their houses lost during the crash.
At the end of last year, the region’s median home price was $164,000, compared with $122,500 the year before.
Zillow: Phoenix home values soar at end of 2012 to lead nation
Phoenix Business Journal by Kristena Hansen, Reporter, January 22, 2013
The metro Phoenix housing market has long been known for its volatility, so it should be no surprise that it lived up to its reputation through the end of last year, posting the largest – by far – home-value gains in the nation.
The latest figures released Tuesday by Zillow Inc. show Phoenix home values soared by 22.5 percent year-over-year during the last three months of 2012.
As Phoenix-area home prices rise more ordinary buyers find opportunities
asu news by Debbie Freeman, Communications Manager, January 10, 2013
More ordinary buyers are finally getting into the Phoenix-area housing market as home prices continue to rise and investors find fewer bargains to snap up. That’s according to a new report from the W. P. Carey School of Business at Arizona State University, which reveals the numbers for Maricopa and Pinal counties, as of November:
• The median single-family home price continued to rise, jumping from $157,000 in October to $162,500 in November.
Metro Phoenix housing prices continue to rise
The Republic, By Catherine Reagor, January 10, 2013
Metro Phoenix’s housing prices continue to rise, but the supply of affordable homes for sale also needs to climb for the market to continue its recovery.
The median price of a house in the region reached $162,500, up 3 percent from October, according to the W. P. Carey School of Business at Arizona State University. Compared with November 2011, the Valley’s median home prices is up 35 percent.
Phoenix housing market may be headed for ‘chronic supply problem’
Phoenix Business Journal by Kristena Hansen, Reporter, January 10, 2013
The good news for metro Phoenix is that home values are still on a steep upswing — by more than 35 percent in November, to be exact — and foreclosures and short sales continue drying up.
Ironically, that leads us to the bad news, which is that the Valley may be headed toward — and I quote the words of a local expert — a “chronic supply problem.”
The 10 American Housing Markets That Made Tremendous Turnarounds In 2012
BusinessInsider.com by Mamta Badkar, January 4, 2013
The U.S. housing market turned the corner in 2012. The latest home price report from Trulia says home prices were up 5.1 percent year-over-year nationally.
And the pace of increases has also picked up in the year. With home prices up 0.8 percent quarter-over-quarter in Q1, and up 2.3 percent in Q4.
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