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: 09-21-2006





The article, 'Buy now!' Conventional wisdom says the time is right to take advantage of home incentives, from the Phoenix Business Journal, reports that contrary to today's popular wisdom to ride out the current market correction in single-family home sales, some experts say: Buy now. Incentives, from swimming pools to cash offerings of up to $100,000, eventually will come to an end. "Most of the pricing incentives are geared to get closings by the end of the year," said Pat Moroney, president of Standard Pacific Homes. His company is offering $25,000 to $100,000 off new home sales, depending on the house. "It's a better time to buy now than this same time last year," Moroney said. "A lot of people are waiting to see the bottom of the market and, in my opinion, we're almost there." The home builder said the excess inventory -- mostly spec houses built when sales were booming in late 2004 and through 2005 -- is being absorbed quickly. Another positive development is that the number of resale listings going on the market is falling. For the first half of 2006, the Multiple Listing Service reported new listings of 3,000 to 4,000 per month. In July, however, only 1,300 new homes were added to the MLS, and just a little more than 500 were added in August for a total of 46,028 from January through August of this year. "This is significant in that resale homes on the market appear to be reaching a peak," said Michael Chasse, a home builder specialist with Scottsdale-based Land Advisors Organization. "Hopefully, this trend will continue and we'll reach the tipping point where listings on the market will start coming down to a more reasonable level, which will also establish less sales competition for the new home builders."


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