Metro Phoenix Housing Market Showing Signs of Upswing

Source:  The Arizona Republic
Article By: Catherine Reagor
Apr. 20, 2011

Below are some quotes from Catherine Reagor's article, followed by a link so you can read the complete article.  It's great news... do read it!

Metro Phoenix's housing market took a turn for the better last month, and if current trends continue, home prices could start to climb again before the end of the year.

Last month, existing home sales in metro Phoenix climbed to their highest level since October 2005, which was in the midst of the boom.

Real Estate Analyst, Tom Ruff, is quoted as saying:  "I am not being overly optimistic when I say home prices could climb during the next six to nine months.  Those same market indicators that went negative last year are now turning positive."

Michael Orr, statistician and publisher of the Cromford Report, is quoted as saying: "The housing market is showing encouraging signs of a strong recovery in demand and a correction of an oversupply problem we have had since 2006... Phoenix home prices could start to gradually climb later this year or there could be a 'sharp movement' up in prices."

Click HERE to read the entire article at azcentral.

These graphs (courtesy of Michael Orr) show Sales (Closed), Pending Listings (Have Contracts, but haven't Closed yet),  and Active Listings per month for All Areas and Types of Property in the Metro Phoenix area.  These did not appear in the article, but I wanted to share them with you.  It's quite a visual, isn't it?!

Historically, home sales increase starting around March and continue through Spring, as families try to get settled in new homes before a new school year begins.  You'll note that last year there was a drop in sales when the First-Time Homebuyers Tax Credit ended  June.

For graphs and charts showing home stats specific to Paradise Valley and Scottsdale, please visit my website, pookbellini.com.  Those charts are updated weekly.  Contact me for information on other areas.