By Mike Sunnucks | Phoenix Business Journal
The Phoenix housing market is moving sideways and moving slowly.
Arizona State University housing expert Michael Orr shares in his monthly housing report that single-family sales are down 19 percent over the past year including a 53 percent drop in purchases by investors and flippers.
Orr said home prices also are losing steam after some post-recession gains. He said expensive homes are the main driver of an 8 percent increase in median Valley home prices between July 2013 and July 2014.
Comment by Jim Belfiore, real estate consultant: “The residential market has experienced unique setbacks over the past 15 months; these include a mortgage interest spike, a federal government shutdown and FHA loan limit changes. Buyer confidence remains an impediment to a more significant jump in purchases, as well. We remain convinced, though, the Metro Phoenix Area housing market will continue on the path to recovery after the holidays.
