Monday, February 22, 2016

2015 good for metro Phoenix housing; why 2016 could be better

After 9 percent growth last year, this year could be one of the best for Valley in the past decade, expert says


Among the positive signs:
  • Resales were up 10 percent in 2015, according to ARMLS’ new STAT report.
  • The region’s existing home price climbed 9 percent.
  • New home construction jumped 46 percent, according to RL Brown Housing Reports.
  • And pending foreclosures are down 26 percent to the lowest level since 2006.
More Millennials deciding to buy homes, and boomerang buyers, who lost houses to foreclosure, qualifying for mortgages again gave Phoenix’s market a boost last year.

The big bump in sales and prices from those big groups of potential home buyers is expected to come this year. But most from these groups aren’t buying million-dollar mansions.
The Valley’s luxury market isn’t faring as well as the rest. The first half of 2015 was strong for sales of houses priced above $800,000. But in December, these pricier deals dropped 30 percent.
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