Tagged : housing market

Since I covered the short sale market in Phoenix yesterday, I though why not do the same for traditional sales and reo sales. The bank owned sales report will come out tomorrow. We just adjusted the blog layout to be 720 px vs. 480 px so that we can put up larger photos and graphs. I hope you like the bigger graph.

[ Graph: The Cromford Report ]

As all segments, normal or traditional, sales - those not bank owned or short sales - are on the rise, both in terms of sales numbers and percentage of active and sold properties: good stuff. That's the direction we need to be headed. Granted, many of these normal sales are flips. These investors doing flips are necessary in this market. They take abused properties and make them FHA and market ready. The…

Over the last few months sale of homes in Phoenix have been brisk, but now that demand has come to head with a decreasing inventory.

Spring is usually a more busy time of year with a peak in sales sometime in June. Along with higher interest usually there is more inventory, but this year it's a little bit different, especially in Central Phoenix, but really everywhere, especially when it comes to the most in-demand homes: ready to move in properties that need little to no added work from the new buyers.

These types of homes have always been in demand. Most buyers don't want to do any work, can't do it or don't have the funds to do it so the homes that are fairly ready to move in sold briskly as long as they were priced for the market of…

The peak sales season in Greater Phoenix is around June, so it won't be surprising when we get a little settling in the coming months.  That's pretty much normal, more so since the heavily influential tax credit ends and the pending contract still within it's guidelines closed by the end of June 30th 2010 (the deadline to close) and the have, but weakening, influence of foreclosure and short sale properties continue to weigh heavily on the market. 

And so the new ARMLS PPI forecast confirms this trend, with both the median price and average price index showing what is and will be (in hindsight) a peak in June and a sight decline in the heat of the summer.  We'll come back to confirm these as new data arrives.

graph © - ARMLS

"The ARMLS…

The latest data from the S&P Case-Schiller Home Price Index are very encouraging.  The graph below compared shows Phoenix in dark red with the latest index number at 111.76 and a leveling off and a slight rise in prices. 

The last time the index was at this poing was in January 2002.  In other words, the market index has lost 8 years of appreciation.  That's the negative new in all this, but we already know that it's been a heavy hit for everyone.

The other two indexes platted are Las Vegas in Pink and San Diego in Grey.  The graph was compiled by The Cromford Report.