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Where Are Phoenix Home Prices Headed?

By
Real Estate Agent with Sterling Fine Properties AZDRE# BR553129000

How often have you wanted to do something but it wasn’t the right time? I hear that a lot, especially from prospective home buyers and sellers. But what if you could predict where the Phoenix AZ Real Estate market was headed? Would that influence your decision? Well, now you might be able to predict such an unwieldy thing.

The Arizona Republic reported today on the Arizona Regional Multiple Listing Service’s (ARMLS) Pending Price Index. Yes, that’s a mouthful. But it’s worth reading. This index tracks home-purchase contracts that have been signed (therefore, a price set) but not yet finalized. From this data, the index offers an estimation of where Phoenix home prices will be 30, 60, 90, and so on, days from now. What’s more, the data is very reliable. The Republic cited that ARMLS “began testing the index in January, and since then, it has been 96 percent accurate on price fluctuations.”

And what are the results? The Republic put it simply, “Phoenix-area home prices will climb slightly in June, take a small dip in July and then start to climb again in late August.” The ARMLS will be unveiling this index – along with more Arizona real-estate data – this month but you can read the full article here.

What does all this mean for home buyers and sellers? Honestly, I think your personal timing is always paramount when deciding to buy or sell a home. You have to take into account job transitions, school calendars, and the summer heat doesn’t hurt either. This is just another data point. Albeit, an interesting one, particularly that home prices are generally on the rise.

Will it change when you decide to buy or sell a home? If you need assistance determining the right time to either put your house on the market or begin house hunting, please let me know. I’m happy to talk through the decision with you.

Read more at http://www.myphoenixmls.com/phoenix-home-prices-headed/

 

 

 

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I specialize in selling Phoenix real estate -- Scottsdale homes and Phoenix homes, including Phoenix short sales and bank owned homes. To see my listings and learn more, visit www.MyPhoenixMLS.com.

MyPhoenixMLS Real Estate

 

Comments (1)

Wade Kawahara
Dominion Real Estate Partners, LLC - Phoenix, AZ

Hi Bob,

I read that too.  That is pretty cool how they figured out how to forcast up to 90 days out.

May 28, 2010 05:28 AM