Here on the Phoenix Real Estate Blog, we tend to report on the recovery of the Phoenix housing market more often than we do on the recovery of the overall U.S. housing market.
- Phoenix Housing Market Update – May 31, 2012
- Latest Media Coverage of the Phoenix Housing Market Recovery
- I hope we’re both talking about the same property!
- Is the Housing Bust Nearly Over?
However, from time to time, it can be good to check the pulse of the markets around us to see how we compare and what we can learn from them.
Lately, the news on the U.S. housing market has been less than reassuring, but on July 11, 2012, David Wessel of The Wall Street Journal jumped off of the bandwagon. In an article titled, “The U.S. Housing Bust Is Over,” Wessel explained how the nation slowly recovered from the bursting of the housing bubble and why, today, the worst is behind us. One of the reasons Wessel listed was the historically low mortgage rates still available to home buyers. In fact, according to this article on azcentral.com, the average rate on a 30-year fixed-rate mortgage recently fell to 3.56% – the lowest since long-term mortgages began in the 1950s.
As exciting as a recovery can be, especially like the one we’ve been experiencing here in the Phoenix area since the fall of 2011, housing recoveries have their challenges, too. For example, now that the number of homes for sale here has fallen by more than 50%, many home sellers are starting to receive multiple offers on their listings within just 7 – 10 days. This, in turn, is putting more pressure on home buyers who face a decreasing inventory of homes for sale and a rising average sales price (see the graph above).
Although housing market recoveries are never perfect, we at The Hill Group can help you make the most of them. If you’d like to meet or speak with one of our experienced professionals, please contact us to let us know!
Source: The Cromford Report