Phoenix AZ Homes Sales Gain over 23%

Phoenix Homes Recently Sold Sales

Phoenix Homes Recently Sold Sales MLS Increases

Phoenix Homes Recently Sold Sales MLS Increases

MLS Increases 23% Phoenix AZ Recently Sold Sale

National home prices rose ten percent in this month compared with a year ago, the most in nearly seven years. The gains were driven by a growing number of buyers who bid on a limited supply of homes. The Standard & Poor’s twenty city home price index increased. Phoenix AZ homes for sale led all cities with an annual gain of twenty three percent in last month.
Steady Phoenix area job hiring and near-record low mortgage rates in Phoenix are driving up demand, helping sustain the State of Arizona housing recovery that began last year. Phoenix home buyer traffic was twenty percent higher in last month than it was a year ago, according to the National Association of Realtors.

At the same time, prices are surging because Phoenix home buyers have fewer homes to bid on. The number of homes available for sale has fallen nearly seventeen percent in the past year, the Realtors’ group said last week. At the current sales pace, that supply would be exhausted in four months, below the six months that is typical in healthier Phoenix housing markets.

Phoenix home prices are still about thirty percent below their peak reached at the height of the housing bubble in 2006. They are only back to where they were in 2003.

A real estate data providers, caution that the national figures are being skewed by sharp rebounds in cities hit hard during the housing bust, including Las Vegas and Phoenix AZ. Investors are helping drive up prices in those cities.

Steady Phoenix home price gains can help drive the Arizona housing recovery. Higher Phoenix home prices encourage more people to buy before prices rise further. They can also entice more Phoenix homeowners to sell by making them more confident they’ll get a good price. In addition, higher prices raise the equity people have in their homes, which makes selling your Phoenix property more profitable.

But many homeowners still owe more on their mortgages than their homes are worth. That can make it difficult to sell.

Higher Phoenix home values can also help the economy. They increase Phoenix homeowners’ wealth, which encourages more spending. Consumer spending drives seventy percent of economic growth.

A level of signed contracts to buy Phoenix homes rose to a three-year high in last month.

Phoenix home builders are also starting work on more new homes and apartments. That creates more construction jobs. National builders started work on more than one million homes at an annual rate last month. That’s the first time the pace has topped that watermark in nearly five years.

Please feel free to contact us and we can provide you with additional Phoenix homes sales information to guide you through the Home Buying process in AZ. We look forward to hearing from you and working with you soon!

Our best,
Carl Pepper, Realtor
Phoenix: (480) 382-9191
Tucson: (520) 822-6575

Featured MLS Listing: 1929 Union Hills Drive Phoenix, AZ 85024

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