The world may not be flat, but Phoenix’s housing market is

Phoenix housing

Phoenix housingTim Gallen | Digital Producer-Phoenix Business Journal

This year will go down as a generally flat one for the greater Phoenix housing market.

That’s according to the latest report from Arizona State University real-estate guru Michael Orr, who noted that demand remains lower than a year ago.

Sales of single-family homes fell 5 percent from October 2013 to October 2014, with activity among first-time home buyers particularly low.

The report cites the usual culprits of potential buyers carrying tarnished credit histories from the recession and the fact that 20-somethings continue to forgo home purchases.

Continued:

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