Year Over Year Pricing Increases In Phoenix Market Predicted: You Heard It Here First
Don’t be surprised if you start hearing of year over year real estate pricing increases in the greater Phoenix market really soon. After falling up through around a year ago, prices have started to rebound and we are going to see year over year pricing increases starting this next month. This may be the news that causes momentum to pick up in pricing because we have very low inventory levels, over 40% fewer MLS listings than one year ago. That translates to a 3.7 month supply of housing area wide. Closer in markets are experiencing an even tighter market with impressive month over month price appreciation. Interviews with investors at Trustees sales auctions indicate that prices are being bid up there too with fix and flip margins being squeezed by an increasing measure. Hopefully, once these stats are reported, lenders will start looking for reasons to make loans instead of reasons to reject, adding more momentum. From what the author is reading, several other markets are in much the same status. The media template of doom and gloom may have to be re-designed to show a more balanced and more positive viewpoint. Hopefully, this protracted nightmare is coming to an end. I, for one, am ready for it.
