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: 04-17-2006

The first article, Housing blip a speed bump, not a slump, from the Phoenix Business Journal, reports that the region's housing market has gone from red hot to lukewarm in just a few quarters, but most housing experts see the current slowdown as a market correction and not a more serious slump. "The current slowdown in the market is a short-term imbalance caused by excessive investor activity, rapid price run-ups in a short period of time and, in some cases, poor market analysis by builders that, collectively, have led to an oversupply of housing in certain price ranges, in certain areas," said Rebecca Burnham, a real estate attorney with the law firm Greenberg Traurig. In December 2004, Phoenix-area resale homes averaged just under eight days on the market and in January 2005, that number dipped to six days. A month later it increased to 35 days, and in January 2006, it rose to 49 days. In February 2006 it rose again to 55 days. Housing industry experts hope the Valley housing markets' slowing is a market correction and that the region can be propelled by continued population and job gains. As the "investor" homes that are  now on the market sell, the market should get back to inventory levels that are more normal and sustainable.



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