|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
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Featured home in Warner Ranch
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Many buyers are finding it tough to buy as the real estate market in Phoenix shifts
back towards a seller's market.
Phoenix housing market in bloom again
Want a sign of economic hope? Look to a place where the housing collapse
began: Phoenix, Arizona.
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.
Curious about the value of your home?
Click here to get a complimentary home valuation report today!
To see a sample report click here
Thinking of buying or selling a home?
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Your Tempe/ Chandler Real Estate Resource for over 18 years.