Signs of upturn for Phx housing market

Signs of upturn for Phoenix housing market
The Phoenix housing market is showing signs of improvement, even generating bidding wars among buyers for lower-priced homes. Now, "We list a property and, within two or three days, we have multiple offers," says Keith Krone of Keller Williams Realty in a Phoenix suburb. While frustrating for buyers attempting to get homes at rock-bottom prices, it's a healthy sign of healing in a market scorched by the housing bust five years ago, say local Realtors and real estate experts. The area's January home sales were up 8.1% year-over-year.
Read article - USAToday

Rising rental costs may drive home sales up?

Rising rental costs may drive home sales up
Home sales could turn out sunnier than expected this spring based on data coming out of the rental market, according to economists at the Mortgage Bankers Association. Mike Fratantoni, vice president of economics and research, expects home sales to grow 10% in 2013, though he predicted refinances will drop off considerably as MBA projects interest rates to slowly move off the lowest levels in 40 years. Positive employment news, including a continued decline in jobless claims, could impact housing soon.
Read article - HousingWire

Upbeat findings for AZ housing market!

Report: Upbeat findings for Arizona housing market
The median price of all home sales in metro Phoenix, including new homes, reached $120,500 in January. That compares with $113,166 a year earlier. The average price per square foot of Valley houses has climbed 3% since last year. There were approximately 8,000 new and used homes sold in January, up from 7,500 in January 2011. "Many people think there's a glut of homes the banks are hiding somewhere, and that may be the case in other markets, but not here in the Phoenix area," said analyst Mike Orr.
Read article - azcentral.com

Real Estate Outlook

Real Estate Outlook: Sales Rise
The latest quarterly report from the National Association of Realtors shows that many metro areas are now seeing more balanced conditions. Lawrence Yun, NAR chief economist, said the figures of this report reflect greater home sales activity at lower price points. "Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish," he said. He continued that "more importantly, we're seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices."
Read article - Realty Times