By Kristena Hansen | Phoenix Business Journal
The rebound of the Phoenix-area housing market continued losing steam in November, which saw the weakest sales numbers in several years and the once-explosive price increases slow to a trickle.
Statement by real estate consultant Jim Belfiore:
Resale housing demand does indeed appear to have fallen over the past six or seven months. Much of the resale demand drop, though, is due to the lack of low-priced supply institutional investors craved and purchased- short sale and foreclosure supply.
“With little left, and prices rising, the investors have lost their appetite, moving on to other U.S. markets where a glut still exists today. More typical, traditional, homeowner-occupied housing demand remains similar to what it was over the previous 12-months; seasonality dictates fewer homebuyers from late summer through January.
I anticipate both entry-level and move-up buyers pushing sales up from February through late June this year, driven by a desire to get into a home of their own and take advantage of current mortgage rates, which are set to rise.”
