For the Phoenix Metro area and the country as a whole, the biggest issue that remains is the lack of supply, with the demand being a secondary issue. This limited inventory effect is very strong in greater Phoenix, we have one of the lowest inventories in the country.
Mortgage interest rates will have little effect on home sales. In fact the very low interest rates of the past few years had little importance in causing the recovery to start. It started because of the huge drop in housing supply while population and family units continued to grow. It started despite the extremely tight lending standards because so many people were willing to pay cash.
Now the luxury market is seeing a shortage in inventory also. Some of this is seasonal, but the size of the decline is much larger than we saw last year at this time.
What is the market doing? Market Stats for Fountain Hills and Scottsdale. The market is balanced when the index is at 100. Above is a sellers market, below is a buyer market.
Interactive Charts on the Fountain Hills Housing Market
Interactive Charts on the Scottsdale Housing Market
CoreLogic® Home Price Index Report
Interactive Charts on the Fountain Hills Housing Market
Interactive Charts on the Scottsdale Housing Market
CoreLogic® Home Price Index Report
Source: © 2013 Cromford Associates LLC
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