While the economic recovery shows ups and downs, the overall picture of the housing market shows more positive data than negative. Looking at real estate data from the second quarter it is evident that home prices are stabilizing in more areas than not and home sales volume is up. The second quarter was stimulated largely by the home buyer tax credit that was expiring and the historically low mortgage rates that continued to drop.
Home sales rose just over 9% in the second quarter of 2010, over a 15% increase in volume from the second quarter of 2009. The affordability factor is playing a large role in the purchasing of Arizona real estate, with homes considerably more affordable than they were at the peak of the market.
Home values have stabilized in roughly 2/3 of the country, where they remain flat or are rising slightly. The hardest hit areas displayed a bit of a drop in home values but the rate of decrease has slowed down. Home values appear more stable as fewer distressed properties hit the market, but it will take time for home prices to truly increase. The analysis of housing data displays that it is still a buyers market when it comes to Arizona real estate.
If you are an interested buyer of Arizona Real Estate, contact Gina McKinley, an Arizona real estate agent, at (480) 355-8645 or by email today.
Click here to read a recent article from Realtor.org about real estate progress in the second quarter of 2010.
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