| Phoenix area real estate update The inventory of homes actively for sale today is half of what it was a year ago. The low supply is starting to drive up prices, especially in homes priced under $300,000. The average sales price has increased steadily since its low in August of 2011. February’s average of $167,000 is an increase of 11% from $155,000 in August. The percentage of distressed properties (foreclosures and short sales) comprised 51% of all sales in February. This is down from a high of 74% in September 2010. Mortgage Rates continue to hover near historic lows. Rates today are still near 4% for a 30 fixed rate mortgage. Average Price Graph
Check out our How's the Market section of our website. Or keep up-to-date weekly on our facebook page. Featured home in Warner Ranch Open House today, March 28th 3:00-6:00 634 E Maria Lane Tempe 85284  2566 sf, 4 bedrooms, 2.5 bathrooms, pool, upgraded! Have a chance to buy this home before it hits the market See multiple photos and more details. Many buyers are finding it tough to buy as the real estate market in Phoenix shifts back towards a seller's market. Read more Phoenix housing market in bloom again Want a sign of economic hope? Look to a place where the housing collapse began: Phoenix, Arizona. Read more Fewer Phoenix area homes for sale; prices up A surge in buyers and a drop in foreclosures have left a shortage of houses for sale in metro Phoenix, according to a newly released report on the state of the housing market. Read more
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Keller Williams Realty East Valley
2077 E Warner Rd. #110 • Tempe, AZ 85284
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