According to the S&P/Case-Shiller Home Price Index,
which released its most recent housing data today, June 24, 2014, the Phoenix
Metro area's existing-home prices increased by 9.8% between April 2013 and April
2014. On a month-over-month basis, the area is showing a very slight
increase in home values as it is further reported by the same index that values
in the metro area increased .40% from March 2014 to April 2014.
What does this mean? It means the local housing market continues to cool off, normalize, and become more stable. I believe we will see this trend continue for some time here in the valley. Gone for now are the days of rapid increases (and hopefully) decreases in value - which is a good thing. Stabilization brews confidence and is a better environment in which to operate in terms of the housing market. I always describe our summer months here as our 'winter' as compared to more northern climates. The high temperatures tend to have a 'cooling' affect on the local housing market as buyers and sellers stay indoors or go out of town on vacation. Rest assured though that things will pick up again by September.
What does this mean? It means the local housing market continues to cool off, normalize, and become more stable. I believe we will see this trend continue for some time here in the valley. Gone for now are the days of rapid increases (and hopefully) decreases in value - which is a good thing. Stabilization brews confidence and is a better environment in which to operate in terms of the housing market. I always describe our summer months here as our 'winter' as compared to more northern climates. The high temperatures tend to have a 'cooling' affect on the local housing market as buyers and sellers stay indoors or go out of town on vacation. Rest assured though that things will pick up again by September.
See the full press release here:
Andrew Ament, Realtor, Certified Residential Appraiser
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