By Phil Benson CBS5
Phoenix area home buying this fall has waned and it may be because of the recent government shutdown creating economic uncertainty, a new housing report stated.
The report from the W. P. Carey School of Business at Arizona State University observes “the sudden weakness in owner-occupier demand since July is unusual and unexpected.”
“Since the beginning of July, the Phoenix-area housing market has cooled dramatically,” said the report’s author, Mike Orr, director of the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.
“The main change is a steep fall in demand, which we can see in the 12-percent drop in single-family-home sales activity just between August and September alone. Going forward, we anticipate a much slower rate of price appreciation than the furious pace we have witnessed over the last two years.”
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
