Here's an update on the Tempe Real Estate market at the end of November 2014. The attached chart is from the Cromford Report, of which I am a paid subscriber.
The Cromford Market Index (CMI) rates a number of relevant housing statistics to determine whether a city is in a buyer's or seller's market. This housing report is one of the most reliable in the real estate industry. An index of 100% indicates a balanced market. An index over 100 indicates a seller's market. An index under 100 indicates a buyers market.
In 16th position Tempe ranks in the middle of the pack for the major cities around the Phoenix Metropolitan area.
Tempe began the year at 90.6 and ascended to 97.7 by the end of January 2014. The lowest point of 72.5 was reached in March. Tempe stayed in the 70s until the peak of the buying season in July. The index briefly reached 97.3 points in September before falling again to its current state.
A buyers market typically means home sales are down and sellers have to compete for buyers. This leads to price reductions and seller's agreeing to pay part of the buyers closing costs.
This is a great time if you're looking to buy a home in Tempe, Arizona.
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