More of the same... this will be the third month that numbers have remained stable with regard to supply, demand and inventory. If you don't remember or didn't catch my August blog, please scroll down and read "By the Numbers" in the August Tempe Real Estate Market Update.
Home prices are up for the 4th month in a row:
We have seen a slight up tick in average and median home prices.
Between April and July there has been a 9% increase in median and average price of homes sold in the Phoenix area. (Increasing from $115K to $125k and $160k to 175K respectively). If this continues that would represent almost a 30% increase in a year.
So what will it take till everyone else jumps on board and agrees that the market has turned? Just remember you read it here first....
Is it Time to Buy?
It is clearly still a good time to buy a home. There has only been a one month supply of foreclosures for sale for several months now. But remember, short sales continue to be "long sales" as the 10 month supply stays the same.
As the tax credit window continues to close, prices are starting to increase and I am sure interest rates will be next. Need I say more?
If you know someone who is thinking of buying or selling a home please forward this link to them....
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