Metro Phoenix housing market has best month in a decade April just might have been the best month for metro Phoenix's housing market in a decade. Foreclosures fell to the lowest level since 2006. Homebuilding continued to rebound. Phoenix kept its spot as one of most affordable big metro areas for ...
More Phoenix homeowners have equity now Fewer metro Phoenix homeowners are underwater now, according to CoreLogic. Approximately 19.5% of the Valley's homeowners owed more than their house is worth as of June 30, down from 21% at the end of this year's first quarter. At the worst of the housing cra ...
Phoenix-area home sales, prices cool in July In Metro Phoenix, both sales and prices dipped in July. Home sales fell 4.5% and the median home sales price inched down to $210,000 compared with June, according to the W.P. Carey School of Business at Arizona State University. The housing market's mode ...
Ariz. 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 lowe ...
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News Article From: 06-06-2006

The first article, Builder expects 25-40% sales dip, from the Arizona Republic, reports that Engle Homes is the latest builder to announce sales are falling because of weakened demand and more buyers cancelling deals. The are expecting a 25-40% dip in second quarter sales from the same quarter last year. "We are experiencing a more challenging housing market, characterized by higher inventory levels, softening demand and increased competition," said Chief Executive Antonio Mon. "We expect these conditions to impact most of our markets for at least the remainder of 2006." Several other builders also recently announced lower sales projections, including Standard Pacific and Pulte.




The second article, Vegas housing: not too hot anymore, from the USA TODAY, reports that a record 20,515 homes and condos are on the market in Las Vegas, up from 10,555 last May and 4,553 in 2004. Sellers are lowering prices as a result of the slowdown. Builders in Las Vegas are also dropping prices to move unsold inventory. Sound familiar? But as in Phoenix, builders are convinced that the dynamics of Las Vegas will help the market stabilize. Every month, 4,000 to 6,000 people move to Las Vegas. The city's fast growth is what helped spur the construction boom in the first place. As the population grew, real estate prices skyrocketed 45% between 2004 and 2005. Two years ago, new housing developments sold out six months in advance. Now, signs are up around town for those who need to sell their homes in a hurry to avoid foreclosure. The article states that Las Vegas, like Phoenix, Miami, San Diego and Washington, have become much friendlier to buyers as the housing supply increases and appreciation levels off to a rate that is at least a little closer to the national average.


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