The Market: Housing Market Update for 3Q 2021

Oct 26, 2021

The Phoenix Metropolitan Area continues to lead the nation in year-over-year home price increases according to national and local housing market economists. The Case-Shiller 20-City Home Price Index for July 2021 showed Phoenix led the nation with a 32.4 percent year-over-year increase in home prices in July while San Diego was second with a 27.8 percent increase year-over-year followed by Seattle at 25.5 percent. Overall, the National Composite Index marked its 14th consecutive month of accelerating prices with a record 19.7 percent.

The Cromford Report, which follows housing trends in Maricopa county indicated Phoenix led the nation with the largest percentage increase in home prices from August to September 2021 at 3.32 percent. This increase in home prices was significantly higher than Tampa at 2.94 percent and Las Vegas which had a 2.77 percent increase in prices.

The Market Update provides a closer look at the 3rd Quarter key statistics for Phoenix and neighboring cities in the Valley of the Sun.

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Modern Living in Windgate Ranch

Apr 12, 2020

An incredible opportunity to own in the Toll Brother’s community of Windgate Ranch, this two-level remodel is sure to please. A spacious plan with formal and casual spaces, it offers a great room design for everyday living with island kitchen, nook and family room while the formal dining room can entertain a larger group and the formal living room a perfect conversation space. A private office and home theater offer function and fun. Upstairs you’ll find a second family room ”aka the romper room” surrounded by 4 nice-sized bedrooms and a split master suite with sitting area, fireplace and spa-style bath. In true Arizona fashion, the outdoors is designed with covered dining, a modern pool, built-in BBQ, grassy area with bistro lighting and covered ramada with fireplace and sitting area.

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Open House Weekend: Silverleaf at DC Ranch

Jan 4, 2020

Completely remodeled Camelot Veranda plan on an oversized lot near Homestead Park in Silverleaf. Award winning Interior Designer, Claire Ownby, ASID remastered this residence with timeless elegance. Interior details and updates include the removal of key walls to open the floor plan, wood plank flooring throughout, black granite slab counter surfaces, new Subzero/Wolf appliances in kitchen with furniture grade paneling, all new cabinetry, plumbing fixtures, new interior and exterior light fixtures, new BBQ station/grill, overhauled landscaping plus the addition of a 3rd garage space *6 bedrooms includes a separate entrance guest house. Tesla solar panels installed to offset electric costs. This is the only, new-completely remodeled home in Silverleaf at this price.

Open House:

Saturday, January 4, 2020 from 12:00 to 3:00 PM

Sunday January 5, 2020 from 12:00 to 3:00 PM

Forbes List of Top 25 Housing Markets: 8 Cities in Arizona

Dec 16, 2019

Over two thousand cities were analyzed, which was then narrowed down to the 200-largest housing markets. 8 cities in Arizona including Tempe, Chandler and Gilbert where in Forbes list of 25 top housing markets. Find out which housing markets are so hot they’re ideal for flipping.

Economist’s Outlook: Jobs Report

May 3, 2019

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s U.S. Bureau of Labor Statistics (BLS) report on the employment situation in April and impact on housing market. “Fantastic news on the jobs market as abundant job openings are getting filled. Such conditions bhttp://bit.ly/2JH1OKDoost consumer confidence which further feeds the economy. Despite the hefty 263,000 net new job creation in April (and 2.6 million over the recent 12 months), essentially no jobs were added in the key housing sector where there is an acute housing shortage. Jobs in residential construction were reduced by 2,500 and grew by only 3,100 in residential contractor trade in April. For the economy to rise in a healthy balanced way over the long haul, an adequate housing supply is a must. More home construction of mid-priced homes are needed so that teachers, nurses, and police officers are able to live in the community in which they serve. For that to happen, residential construction jobs and residential contractors need to grow by close to half a million. There is no expectation for quick gains as construction job openings go unfulfilled. Expect housing shortage to be a major issue in the next year’s election.”

Valley Housing Report Shows Price Gains

Nov 26, 2018

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.