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Valley Housing Report Shows Price Gains

According to a study by Metro Phoenix Housing Market Data and Analysis and RL Brown Housing Reports, the Valley’s residential sector is not only surviving, but also thriving — with no sign of a bubble.  “This is a solid-looking housing market… it’s the best it’s been in years,” said RL Brown, publisher of RL Brown Housing Reports.  “This is the kind of housing market consumers should be looking for — be they buyers or be they sellers. This is a steady, stable, but growing housing market on the resale side and the new home sale side,” Brown said.

The report states the region saw the most home permits and closing it has seen in the past 10 years for October.  New home sale prices were up 5.89 percent in October, accordign to the monthly report, with a median price of $332,186 on 1,651 sales for the month. Resale home prices were up 1.83 percent with a median price of $250,000 on 8,542 sales for October.  Data in the report shows the housing market is experiencing a steady increase, whereas a bubble typically comes after a rapid spike in sales and prices.

2019 Forecast: Existing-Home Sales to Stabilize and Price Growth to Continue

Consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace, according to a residential housing and economic forecast session at NAR’s 2018 REALTORS® Conference & Expo .

As Lawrence Yun, chief economist at the National Association of Realtors®, presented his 2019 housing and economic forecast, he was joined onstage by Lisa Sturtevant, President of Lisa Sturtevant & Associates, LLC, who discussed the importance of affordable housing in the U.S.

Much of Yun’s presentation focused on recent declines in home sales, but in the context of long-term trends to illustrate the housing market’s actual performance.

“Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines,” said Yun. “2017 was the best year for home sales in ten years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we’ve been experiencing over the past few years.”

Properties of Arizona: Fall 2018

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Russ Lyon Sotheby’s International Realty is pleased to share the latest issue of Properties of Arizona featuring extraordinary properties, a sit down with Jeff Mastro and much more!  Looking for one of the luxury homes in the latest issue Properties of Arizona?  Begin your search here.