HOME SALES HIGH FOR OCTOBER IN PHOENIX

HOME SALES HIGH FOR OCTOBER IN PHOENIX

The rebate program has created a last minute rush of first time home buyers here in the greater Phoenix area. Home sales were unseasonably high for October according to newly released statistics.

The consensus is the tax rebate set to expire Nov. 30. (Until yesterday when Senate passed an extension on the tax rebate) and the fact that everyone would agree that prices have pretty much hit bottom in Phoenix and outlying areas has prompted people to pull the trigger and buy!

Most of the sales were in the 100 to 150k range. A far cry from a few short years ago when an entry level home price was 200 to250k! I can remember not being able to find a fixer upper for 100k!!

We have also seen the new build market pick back up. The ghost town feel of an entire subdivision of lots with four model homes is being replaced with truck loads of framing materials and great incentives to qualified buyers!!

We still have a long way to go, but I see the light at the end of the tunnel!

Posted by Judi Boad on 11/05/2009 12:00 PM

Comments (2)

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2 Comments on HOME SALES HIGH FOR OCTOBER IN PHOENIX

NOV

Judi

Any thoughts on what the "shadow inventory" of REOs means to all this. Local commentary suggests that the Phoenix area slowdown in foreclosures has as much or more to do with this huge backlog of bank-owned properties, and the management of that, than with the pending mortgage deliquencies and trustee sales.

If true, that tunnel which we are now seeing the light at the end of....may be longer than any of us would have hoped.

Hi Michael,

I think it is undeniable that the back log of bank owned properties need to be released under close supervision in a controled fashion to keep us from yet another glut of vacant listed properties.

We have seen many disappointed first time home buyers over the last few months with the lack of move in ready homes available in the Greater Phoenix area. More inventory, that we could actually close on, would be good...

Whether the banks release a flood of forecloesed homes or trickle them out, or rent them through management companies, we still had a great sales month for real estate here!

Thanks for your comments, you have given me an idea for another blog post!

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