GLOBAL REAL ESTATE INVESTMENTS
7047 E. Greenway Pkwy #250
Scottsdale, AZ 85308
Scottsdale, AZ 85308
The Republic | azcentral.com
Thu Dec 12, 2013 5:21 PM
Homebuyer demand in metro Phoenix has backed off during the past
few months, either because of a drop in confidence from the government
shutdown or the area’s rising home prices, according to an ASU
real-estate analyst.
Sales fell in October while the number of
homes listed for sale climbed, according to the latest report from the
W.P. Carey School of Business at Arizona State University. The region’s
median home price inched up to $200,000 from $199,000 in September.
“Sales
will be way down in November and through the holidays, when some people
even take their homes off the market until late January,” said Mike
Orr, director of W.P. Carey’s Center for Real Estate Theory and
Practice. “We also anticipate a much slower rate of price appreciation
in 2014 than the furious pace we have witnessed over the last two
years.”
In October, 7,045 houses sold in metro Phoenix. That’s
about 100 fewer sales than in September. In the spring, home sales were
hovering around 9,000 a month.
Home sales to investors as well as
those to out-of-state buyers have dropped over the past six months.
Investors were behind almost 40 percent of all home sales in July 2012,
the peak of those types of purchases. In October, investor purchases
accounted for about 23 percent of home sales. Second-home buyers from
outside Arizona accounted for 16.4 percent of October’s home sales, down
from 20.1 percent a year earlier.
High-end home sales are
climbing, which partially accounts for the higher median price. Sales of
homes priced above $500,000 are up 34 percent from a year earlier.
Listings
are up 40 percent since November 2012, though Orr said the supply of
homes for sale still is 15 to 20 percent below what would be considered
normal for metro Phoenix.
Currently, about 26,500 homes are for sale in the Valley.
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