Phoenix-area home sales, prices cool in July | Cross River Real Estate
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.
The housing market's moderate slowing is proof another housing bubble isn't about to pop anytime soon in the Phoenix area, said Mike Orr, director of the Center for Real Estate Theory and Practice at W.P. Carey.
"Usually when demand is weak for an extended period, supply starts to grow, as it did in the second half of 2005 and throughout 2006 and 2007, heralding the collapse of the housing bubble," he said. "However, this summer, supply is slowly weakening.
"It appears that the lack of enthusiasm among buyers has spread to sellers, instead of causing them to panic. Many sellers clearly have the patience to wait for better times and are unwilling to drop prices to dispose of their homes."
In July, 7,279 houses were sold in the region, compared with 7,624 in June. The Valley's median was $211,000 in June.
After hitting bottom in 2011, metro Phoenix's home values rose rapidly until last last summer, when monthly increases in sales prices began to slow.
read more....
http://www.azcentral.com/story/money/real-estate/catherine-reagor/2014/09/03/phoenix-area-home-sales-prices-cool-july/15046027/
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.
The housing market's moderate slowing is proof another housing bubble isn't about to pop anytime soon in the Phoenix area, said Mike Orr, director of the Center for Real Estate Theory and Practice at W.P. Carey.
"Usually when demand is weak for an extended period, supply starts to grow, as it did in the second half of 2005 and throughout 2006 and 2007, heralding the collapse of the housing bubble," he said. "However, this summer, supply is slowly weakening.
"It appears that the lack of enthusiasm among buyers has spread to sellers, instead of causing them to panic. Many sellers clearly have the patience to wait for better times and are unwilling to drop prices to dispose of their homes."
In July, 7,279 houses were sold in the region, compared with 7,624 in June. The Valley's median was $211,000 in June.
After hitting bottom in 2011, metro Phoenix's home values rose rapidly until last last summer, when monthly increases in sales prices began to slow.
read more....
http://www.azcentral.com/story/money/real-estate/catherine-reagor/2014/09/03/phoenix-area-home-sales-prices-cool-july/15046027/
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