We each have our own reasons for loving Arizona living, and given the multitude of recent news and real estate industry reports, citing Phoenix real estate as doing better and better, we now have one more reason – or at minimum, more hope! There aren’t many of us haven’t been affected by the huge downturn in the real estate market of the past several years. A negative impact for many, who took a huge hit in the equity of their homes, or worse, lost them.
However, there seems to be light at the end of that dark tunnel, if all the ‘experts’ are to be believed. While Arizona still hasn't fully recovered from the recession, the state seems to be making promising headway, especially in housing markets.
Robert Dye, chief economist at Dallas-based Comerica Bank, which has 18 banking centers in Arizona stated, “According to our index, the Arizona economy reached its highest level since December 2008 in April. Job growth in Arizona is outpacing that of the nation, and the Phoenix housing market has seen home-price increases in each of the last six months.”
In a report released this week by Trulia, Phoenix was cited as being the metro with the biggest yearly gain in asking prices, up 18.9%. Great news, but tempered with some caution from Trulia’s Chief Economist, Jed Kolko, who predicts the gains will shrink some as backlogged foreclosures hit the market.
Echoing that sentiment is a report released by Arizona State University, authoried by Michael Orr who stated, “The notable price gains have been primarily induced by an equally notable drop in inventory, causing a decline in home sales and generating an increasingly competitive buyer’s market.”
Short sales are diminishing as those prices rise and the local economy improves. Short sales listings in ARMLS were down 28% from last year, and down 48% from two years ago.
Sources: Russ Wiles, The Republic | azcentral.com; Trulia; Kristena Hansen, Phoenix Business Journal
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