Rising home prices are an important indicator that the housing market is recovering. Since July, the U.S. has seen home prices rise, mortgage and foreclosure rates fall and increased optimism and confidence in homeowners, home buyers, and home builders.
Home prices nationwide rose 1.2 percent in July over the same time period last year. Reports have also said that of the 20 cities tracked across the country, all 20 saw improvement from June to July. May, June and July saw price increases in every city tracked. Increased home sales and fewer foreclosures since July sustain the rising home prices. The housing recovery has been slow, but steady price increases and mortgage rate decreases are helping it along.
Possibly the biggest housing market comeback is in Phoenix and Scottsdale. The Phoenix metro area was one of the hardest hit in the housing market crash. In the year ending in July, Phoenix and Scottsdale home prices grew 16.6 percent, compared to 6 percent in Minneapolis and Detroit, other hard-hit areas.
David Blitzer has noted that stronger housing sales indicate consumer confidence in the market. Case Shiller has also noted that home prices have remained 30% below their peak, which was reached in 2006.
With homeowners finally seeing some equity in their homes, sales of pre-owned homes rose in August to the highest level since 2010. Even home builders are more confident with the steadily improving market. Sales and construction have also been supported by the lowest mortgage rates ever. Rates have been below 4 percent all year and touched a record low of 3.49 percent in September.
The Phoenix and Scottsdale housing market has not been this saturated since the peak of the housing boom in 2006. For homeowners in Phoenix ad Scottsdale it’s time to sell. For home buyers, the Phoenix and Scottsdale market is strong, with new homes constructed every day, and many homeowners seeking to sell current residences at great prices. Buy your spot in the sun, be it a dream home, retirement home, vacation home, or income property. It’s never been a better time to buy a home in Scottsdale.
Feel free to contact me to schedule an appointment to see any homes for sale in Scottsdale
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536