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October 2014 UBG Housing Metrics Arizona

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October 2014 UBG Housing Metrics Arizona
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    Phoenix Metro | October 2014 The aening trend for home prices in Metro Phoenix connues with a steady but slow trickle of buyers and new lisngs entering the market.   Low inventory and high demand in the rental market have driven up rental prices, and you may noce new apartment buildings under construcon driving around town.   While average price per square foot for closed sales is either at or declining slightly in most areas, rising rental prices will help create a oor for prices in home sales as ownership becomes more appealing than renng.   Tight lending pracces have restricted buying, and rates have been so low for so long that the Buy now before interest rates skyrocket threat is now perceived as crying wolf.   Buyer urgency is not high, and sellers have to try to gain every advantage with updates, repairs, and price reducons. Also interesng is the fact that the average size of homes sold in Metro Phoenix, which steadily rose from 2000 through 2008, seems to be tapering o.   The rooms we used to need to house collecons of VHS tapes, CD's, ling cabinets, binders, and books are gradually being replaced with ipads, smart phones, and the cloud. American consumerism is evolving and it aects the type of homes we buy.   So take reports about median home prices lightly.   The tendency to buy smaller homes would mean the median home price would come down, but not necessarily price per square foot or a market decline per se. -  Beth Cox, Lead Market Analyst for United Brokers Group   This is data pulled from the database of Broker Metrics which derives it's data from ARMLS. Both Maricopa and Pinal counties are represented in the data. The search param-eters include the following: Residential homes: Single Family Detached, Patio Homes, Townhomes, Apartments, Twin Semi-Detached, Manufactured Mobile Housing, Modular/Manufactured, Lofts. New homes not included. Karen Berg   United Brokers Group   22308 S. Ellsworth Rd.   Queen Creek, AZ 85142   (602) 919 - 2375   karen@karenbergrealestate.com www.queencreekrealestatesite.com      Phoenix Metro | October 2014 This is data pulled from the database of Broker Metrics which derives it's data from ARMLS. Both Maricopa and Pinal counties are represented in the data. The search param-eters include the following: Residential homes: Single Family Detached, Patio Homes, Townhomes, Apartments, Twin Semi-Detached, Manufactured Mobile Housing, Modular/Manufactured, Lofts. New homes not included. Karen Berg   United Brokers Group   22308 S. Ellsworth Rd.   Queen Creek, AZ 85142   (602) 919 - 2375   karen@karenbergrealestate.com www.queencreekrealestatesite.com  
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