By Catherine Reagor |Arizona Republic
Buyers holding out until metro Phoenix home prices begin to plummet aren’t likely to become homeowners this year.
Valley home prices are poised to most likely climb at a slower pace or possibly flatten out during 2019.
But home values will not fall as they did during the real estate bust of 2008-11, real-estate analysts predict, looking at the numbers and not crystal balls.
“The supply of homes for sale increased, and sales slowed during the last three months of 2018,” said Tina Tamboer, senior housing analyst with the Cromford Report at a meeting of more than 125 Valley HomeSmart real-estate agents Tuesday. “But nothing in the current data shows a market crash coming for Phoenix.”
During the last 120 days, Arizona homebuyers have taken a pause from the torrid growth in purchasing. Rising mortgage interest rates were to blame, shaking shoppers confidence. The drop-off, though, is temporary, with job and population growth, and a lack of supply suggesting near-term stability.
~Jim Belfiore, founder and president, Belfiore Real Estate Consulting
