BUYERS MOVING TO PHOENIX AREA, HOME PRICES AFFORDABLE, FORECLOSURES LOW, HOME BUILDING HIGH
April best month in Valley of the Phoenix Sun housing market in the past 10 years. Valley's housing market strongest since the boom and crash with national moving survey showing one of the top 10 areas people move to in the country. Buyers who lost houses to foreclosure are now buying metro Phoenix homes at an unprecedented rate.
Home sales climbed 8 per cent over last year with the median price rising to $235K from $215K. Bank foreclosures were the lowest since December 2006 at 231. Home building is up 25 per cent from last year's pace. Despite the price increase, the Valley is still ranked the eighth most affordable metro area in the USA.
For homes priced below $200,000 there is an extremely low supply. Between $200K to $500K the supply is slightly up. There is strong growth in demand and moderate price appreciation in this range.
May's home sales and prices are likely to be higher than April when all are tallied. Despite the 100 degree heat this summer and no ocean, "the tide is indeed rising in Phoenix, and a rising tide can float your boat." Bill Simmons, Broker for Advantage Arizona RE. 602.573.2870