Phoenix Fixer Upper:) cobalt123 via Flickr
OK… ASU released its Phoenix housing report for July and it’s about what we were expecting with a slow down in resales and an uptick in foreclosures. Home sales for Maricopa County (single family detached) in July posted at 5,080 which is down from the July 2009 number that came in at 7,300, fairly substantial drop. Bottom line, to put it simply, people aren’t buying houses right now like they were last year. What else can I say other than I know stricter lending standards do play into this equation. There is a little bit of a bright spot in the report though… the median home resale price was up this July compared to last July. This years price is $137,500 with a July ’09 median price of $135,500. The $137K price is down though if you compare to the June 2010 number which was $143,000. One of the biggest hurdles in this market is the non-existent move up buyer. Many homeowners want to move up to a larger home but can’t because they have no equity in there current home so therefore cannot sell to move. It’s a vicious cycle we are in. Many of the buyers in this market right now are first time home buyers. As far as foreclosure activity goes for Phoenix it was about the same from June to July at just over 3,800 foreclosures for each month. Stay tuned right here for more Phoenix housing market developments and if we can answer any questions or be of assistance in acquiring Phoenix investment property please don’t hesitate to contact us!
Comments on this entry are closed.