Metro Phoenix Housing Market Showing Signs Of Upswing

Metro Phoenix Housing Market Showing Signs Of Upswing

Source: The Arizona Republic | April 20, 2011

Metro Phoenix's housing market took a turn for the better last month, and if current trends continue, home prices could start to climb again before the end of the year. Market experts say now is still too early to declare the beginning of a recovery for the region's battered home values. But the number of successful home sales is at near-record levels, the number of homes for sale is dropping, future foreclosures are in decline and home prices, although low, are holding steady. The shift in the region's housing market started in March. An upward turn, if one materializes, would be much more significant than just another twist in an ever-changing market. It would mark the end of the worst housing bust metro Phoenix has ever experienced. Phoenix real-estate analyst Tom Ruff of the Information Market, a real-estate data firm, said almost all the key market indicators that turned negative during the summer of 2010 have now turned positive. "I am not being overly optimistic when I say home prices could climb during the next six to nine months," he said. [Read this article]