KnowWPCarey Podcast
December 23, 2013
In a recent podcast from the WP Carey School of Business at Arizona
State University, Michael Orr, Director of Real Estate, reported that
things quieted down in the Phoenix market in November and December.
While demand is down and we are currently looking at a more "balanced"
market for buyers and sellers, activity is stronger in the luxury real
estate market, due to easier availability of jumbo loans and positive
increases in the stock market. While Orr said he expects that total
sales for 2013 will be down from 2012, he said "That’s partly because the number of distressed homes is down. The sales
of non-distressed are probably up slightly because distressed sales are
down dramatically, the total will be a little lower. Prices will have
gone up a large amount, but not quite as much as in 2012." He anticipates a slower rate of appreciation in 2014 than was seen over the past two years.
According to Orr, author of the
W. P. Carey School’s monthly housing report, "The
Phoenix real estate market, known in recent years for its volatility,
is ending the year on a quiet note... a trend that started in
July and continued through October, as supply increased primarily because of
a drop in demand."
To listen to the entire podcast (or read the transcript), click HERE.
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