By Catherine Reagor | The Republic | azcentral.com
Homebuyer demand in metro Phoenix has backed off during the past few months, either because of a drop in confidence from the government shutdown or the area’s rising home prices, according to an ASU real-estate analyst.
Sales fell in October while the number of homes listed for sale climbed, according to the latest report from the W.P. Carey School of Business at Arizona State University. The region’s median home price inched up to $200,000 from $199,000 in September.
“Sales will be way down in November and through the holidays, when some people even take their homes off the market until late January,” said Mike Orr, director of W.P. Carey’s Center for Real Estate Theory and Practice. “We also anticipate a much slower rate of price appreciation in 2014 than the furious pace we have witnessed over the last two years.”
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