According to information released by The Cromford Report , the Phoenix AZ monthly median sales price was $124,000 at the end of June 2009. This number was up a little over the April 30th number of $115,000. In Phoenix, inventory levels are generally decreasing and demand outpaces supply. In some neighborhoods, lender owned properties are becoming scarce and prices have increased . There is currently a 1.46 month supply in inventory of single family homes priced under $350,000.
As first time home buyers rush to take advantage of this year's 8,000 tax credit, it might be wise to take the advice from a well known valley realtor to buyers: Don't underbid.
Interest Rates for week ending July 7th, 2009*:
Conforming Conventional 30Yr Fixed 5.5%
Conforming Conventional 15Yr Fixed 4.75%
Conforming Conventional 5/1 IO ARM 4.5%
FHA 30Yr Fixed 5.5%
* Above Conventional rate quotes are as of 7/7/09 on a Conventional $165,000 loan amount, primary residence at 80% loan to value, with a 720 FICO score. APR includes $1,200 in lender fees and 980 in title charges (title charges may vary). FHA Quote assumes a $125,000 loan amount and a 680 FICO score, and a 96.5% LTV. Documentation of income and assets required. No origination or discount points.
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