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News Article From: 08-25-2014Ariz. homebuilders offering deals New-home prices across metro Phoenix soared too high and too fast in 2012 and 2013 for many buyers to handle, leading to a slump in sales. Home prices have dropped slightly this summer, and builders are trying to lure buyers by offering incentives that include lower mortgage rates and free upgrades on appliances, countertops, lighting and flooring. The median price of a new Valley house fell 5%, to $290,000, in July but is still $79,000 higher than the area's $211,000 median sales price for an existing home. Read article - azcentral.com Strengthening Job Market, Rising Inventories Lift Home Sales Existing-home sales were on the rise in July, with sales moving to the highest pace of this year, the NAR reports in its latest housing data release. It also marked the fourth consecutive month of gains in sales. NAR's chief economist expects the growing momentum in home sales to continue for the rest of the year. Total existing-home sales - which reflect completed transactions for single-family homes, townhomes, condominiums, and co-ops - rose 2.4% to a seasonally adjusted annual rate of 5.15 million in July. Read article - Realtor Magazine |
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