Center for Real Estate Theory and Practice
WP Carey School of Business
Arizona State University
March 4, 2014
For the complete report, click HERE.
Friday, March 14, 2014
January Housing Report for Greater Phoenix
Report by Michael J. Orr , Director
Center for Real Estate Theory and Practice
WP Carey School of Business
Arizona State University
March 4, 2014
For the complete report, click HERE.
Center for Real Estate Theory and Practice
WP Carey School of Business
Arizona State University
March 4, 2014
For the complete report, click HERE.
Valley's most expensive home sales
Source: The Republic/ azcentral
Article researched by: John McLean
3/14/14
For the complete article, click HERE.
Article researched by: John McLean
3/14/14
Prices for these homes ranged from $2.1M to $5.2M.A professional golfer, an Oklahoma real-estate investor, the former CEO of Crocs Inc. and the CEO of Fortune 500 company Avnet Inc. are among the buyers and sellers in this week’s priciest home sales.
For the complete article, click HERE.
Phoenix-area median home prices jump in 2013
Source: The Republic/AZCentral
3/14/14
3/14/14
Phoenix
Overall, Phoenix saw its median price jump by 31.1 percent from 2012 to 2013.
Every ZIP in Phoenix saw at least a 5 percent or more increase in its overall median price from 2012 to 2013. More than half saw increases of 25 percent or more.
Scottsdale/Northeast Valley
The pricey Northeast Valley saw consistent gains across the board in its overall median price in 2013 over 2012. Each municipality saw gains of 14.3 to 19.5 percent in its overall median price.
Three ZIP codes in the area saw increases over their 2008 median price in 2013. They're small gains for now (0.8 to 3.4 percent) but it's still an improvement: 85250 in Scottsdale went from $290,000 to $299,990 (3.4 percent); 85251 in Scottsdale went from $275,000 to $280,000 (1 percent); and 85331 in Cave Creek went from $396,730 to $400,000 (up 0.8 percent).
Scottsdale's 85257 saw the biggest increase in overall median price from 2012 to 2013 with a 28.8 percent increase.
Paradise Valley's 85253 continues its reign as top ZIP for overall median price in the Valley at $1,315,000.For the complete article, click HERE.
Latest Updates at My Website
Paradise Valley Stats
Scottsdale Stats
Luxury Market Report - February 2014
Northeast Valley Report - February 2014
Housing Trends eNewsletter for February 2014
Community Happenings: There's lots going on here in March and April! Check out the left sidebar at my website, pookbellini.com, for links to information about the following:
MARCH
CELEBRATION OF FINE ART (1/11-3/23)
CACTUS LEAGUE BASEBALL (2/26 - 3/29)
SCOTTSDALE PARADA DEL SOL RODEO (2/27-3/2)
SCOTTSDALE ARTS FESTIVAL (3/14-16)
ARIZONA BIKE WEEK (Pre-Rally) (3/28-4/1)
MC DOWELL MOUNTAIN MUSIC FESTIVAL (3/28-3/30)
APRIL
PHOENIX FILM FESTIVAL (4/3-10)
ARIZONA BIKE WEEK (4/2-6)
SCOTTSDALE CULINARY ARTS FESTIVAL (4/8-13)
PAT'S RUN (4/26)
Wednesday, February 19, 2014
Mortgage Rates Projected to Rise as Tapering Continues
Courtesy of the KMC Crew at Keeping Current Matters
2/18/14
It is projected that if the Fed continues to cut back on bond
purchases that long term mortgage rates would start to climb. Many
experts felt that Janet Yellen, who replaced Ben Bernanke as Fed Chair,
was going to be less inclined to continue tapering bond purchases at the
level established.
However, in her testimony in front of the Financial Services Committee last week, Yellen made it quite clear that she will in fact continue the current pace of tapering:
“In December, the Committee judged that the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions warranted a modest reduction in the pace of purchases, from $45 billion to $40 billion per month of longer-term Treasury securities and from $40 billion to $35 billion per month of agency mortgage-backed securities. At its January meeting, the Committee decided to make additional reductions of the same magnitude. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings.”
What does that mean to a prospective purchaser? Currently, Freddie Mac’s 30 year rate is at 4.28%. Here are the projected interest rates for this time next year:
2/18/14
It is projected that if the Fed continues to cut back on bond
purchases that long term mortgage rates would start to climb. Many
experts felt that Janet Yellen, who replaced Ben Bernanke as Fed Chair,
was going to be less inclined to continue tapering bond purchases at the
level established.However, in her testimony in front of the Financial Services Committee last week, Yellen made it quite clear that she will in fact continue the current pace of tapering:
“In December, the Committee judged that the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions warranted a modest reduction in the pace of purchases, from $45 billion to $40 billion per month of longer-term Treasury securities and from $40 billion to $35 billion per month of agency mortgage-backed securities. At its January meeting, the Committee decided to make additional reductions of the same magnitude. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings.”
What does that mean to a prospective purchaser? Currently, Freddie Mac’s 30 year rate is at 4.28%. Here are the projected interest rates for this time next year:
Friday, February 14, 2014
Baby, it's cold outside!
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| Courtesy of my friend Jon Boda in PA |
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| Courtesy of my NJ family... Marge & David Rivchin |
Infographic courtesy of The KMC Blog:
Has the Phoenix housing market finally balanced out? 2014 could provide the answer
Source: Phoenix Business Journal
Article by Kristena Hansen
2/14/14
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.
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.
During these shifts, the Valley saw prices peak, plunge to record lows and then, finally, pick up the pace again at a staggering rate in recent years.
But now in 2014, the pendulum could swing yet again.
Despite the fact that there were 36 percent more homes on the market Valleywide in December than a year earlier — thanks to double-digit boosts in home prices all last year that pulled many homeowners out of negative equity — demand has continued to fizzle since July. That’s according to the latest Arizona State University housing report released today.
In fact, single-family home sales were down 17 percent year-over-year, the report said. Even with a 12 percent increase in listings priced below $150,000 — where the supply shortage had been most severe and demand highest — sales in that range plunged by a whopping 47 percent.
For buyers, this has meant more to choose from and less competition. But for sellers, it means fewer showings, longer wait times for offers to show up — and cutting prices.
The median Phoenix-area single-family home price in December stood at $205,000 — up a sharp 25 percent year-over-year, but only a 2.5 percent increase from November.
“We have been through enormous turbulence since 2002 and it will be a relief for many to be operating in a more balanced market,” Michael Orr, the report’s author and housing expert at ASU’s W.P. Carey School of Business, said in the report. “However, if the current cooling trend that started in July continues for much longer, 2014 could easily see average and median home prices move a little lower than they were at the end of 2013.”
...Orr noted that the Phoenix luxury market — homes priced above $500,000 — is the only sector that hasn’t seen this slowdown. Luxury sales in December were up 21 percent year-over-year as access to jumbo loans is much more accessible than lower-end financing, and will stay that way should the stock market continue performing well.
For the complete article, click HERE.
Article by Kristena Hansen
2/14/14
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.
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.
During these shifts, the Valley saw prices peak, plunge to record lows and then, finally, pick up the pace again at a staggering rate in recent years.
But now in 2014, the pendulum could swing yet again.
Despite the fact that there were 36 percent more homes on the market Valleywide in December than a year earlier — thanks to double-digit boosts in home prices all last year that pulled many homeowners out of negative equity — demand has continued to fizzle since July. That’s according to the latest Arizona State University housing report released today.
In fact, single-family home sales were down 17 percent year-over-year, the report said. Even with a 12 percent increase in listings priced below $150,000 — where the supply shortage had been most severe and demand highest — sales in that range plunged by a whopping 47 percent.
For buyers, this has meant more to choose from and less competition. But for sellers, it means fewer showings, longer wait times for offers to show up — and cutting prices.
The median Phoenix-area single-family home price in December stood at $205,000 — up a sharp 25 percent year-over-year, but only a 2.5 percent increase from November.
“We have been through enormous turbulence since 2002 and it will be a relief for many to be operating in a more balanced market,” Michael Orr, the report’s author and housing expert at ASU’s W.P. Carey School of Business, said in the report. “However, if the current cooling trend that started in July continues for much longer, 2014 could easily see average and median home prices move a little lower than they were at the end of 2013.”
...Orr noted that the Phoenix luxury market — homes priced above $500,000 — is the only sector that hasn’t seen this slowdown. Luxury sales in December were up 21 percent year-over-year as access to jumbo loans is much more accessible than lower-end financing, and will stay that way should the stock market continue performing well.
For the complete article, click HERE.
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