A new housing report from Arizona State University released today shows the metro Phoenix housing market continues making strides toward recovery, yet is still tussling to regain its balance.
Median single-family home prices last month in Maricopa and Pinal counties were up 25 percent from the same time last year, while the average price per square foot also rose 16.5 percent, according to the study byMichael Orr, a real estate expert at ASU’s W.P. Carey School of Business in Tempe.
For example, a home valued $112,000 in April 2011 was worth $140,000 by last month, the report said.
]]>
JKD Building Group
480-443-0021
Email:jkdbldg@cox.net
]]>
This Arcadia, Phoenix masterpiece further showcases the innovative, construction style of JKD Building Group in Scottsdale/Paradise Valley, Arizona.
]]>
The Scottsdale Custom Home Builder Network interviews R.L. Brown....publisher of the "Phoenix Housing Market Letter," a monthly newsletter tracking homebuilding.
Brown says.."There's no question the new home market is finally on its way back."
]]>
A new report from Arizona State University says the Phoenix-area housing market is continuing to improve from last year, with a shrinking supply of available homes.
Researchers from the W. P. Carey School of Business say that, as of last month, the housing supply has decreased 42 percent from the same month last year in Maricopa and Pinal counties.
Their report also says that foreclosures have fallen by 52 percent since February 2011, and the median-price for a single family home in metropolitan Phoenix has increased from $115,000 to $124,500. That's up more than 8 percent from last year.
The report's author, Mike Orr, says foreclosures and short sales still make up about 20 percent of all sales in the market.
]]>
This sprawling desert metropolis was one of the hardest hit housing markets during the bust. Phoenix home prices declined 55% from 2006 through the end of 2011, and Arizona's foreclosure rate jumped to No. 3 in the nation in 2009. Hundreds of thousands of homeowners are underwater, meaning they owe more than their homes are worth.
Now real-estate economists across the country are studying an early but surprisingly broad Phoenix turnaround. The sharp drop in home prices has brought new buyers into the market. Unlike other markets where housing recoveries have been snuffed out by big overhangs of homes for sale and foreclosed properties, inventories are lean here.
"Phoenix has hit a bottom," says Thomas Lawler, an independent housing economist who was one of the first to warn six years ago that prices in overbuilt metros were poised to fall.
The nation's hard-hit housing markets face a tough act: engineering a housing recovery without traditional trade-up buyers, many of whom are either unwilling or unable to sell because of huge price declines.
]]>
This magnificent residence conceived by JKD Building Group
480-443-0021
]]>
(Bloomberg) After several false starts, housing is flashing the strongest signals yet of a sustainable rebound. While foreclosures continue to depress prices, buyers are wading back into the market, lured by rising employment and record-low mortgage rates. Six years into the biggest real estate collapse since the Great Depression, housing may become a net contributor to the U.S. economy for the first time since 2005.
]]>Paradise Valley Arizona Pool Renovation: JKD Building Group from Sequence Media on Vimeo.
]]>
Sales of previously occupied homes are at their highest level since May 2010. More first-time buyers are making purchases. And the supply of homes fell last month to its lowest point in nearly seven years, which could push home prices higher.
Sales have now risen nearly 13 percent over the past six months. While they are still well below the 6 million that economists equate with a healthy market, the gains have coincided with other changes in the market that suggest more sales are coming.
"The trend is clearly upward," said Ian Shepherdson, chief U.S. economist at High Frequency Economics.
]]>