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Metro Phoenix home prices set new record, still no signs of a crash; real estate consultant Jim Belfiore comments on ‘demand wildfire’

Posted by   /  July 15, 2019  /  No Comments

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By Catherine Reagor | Arizona Republic

Buyers hoping for metro Phoenix home prices to fall this year as they are in some other U.S. cities have been disappointed.

The Valley’s housing market is still hot with prices setting new records and sales soaring.

 Real estate experts don’t see signs of a crash looming.

“It’s not happening” said Tina Tamboer, senior housing analyst with the Cromford Report, about a potential plummet in the area’s home prices.

She told nearly 200 Valley HomeSmart real-estate agents Tuesday that, thanks in part to lower interest rates, demand for metro Phoenix homes began climbing again in March.

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Following 8 consecutive months of falling YOY demand, ultra low mortgage interest rates are once again fueling a demand wildfire.  Prices are now moving upward and affordablity is falling, not concerning while rates are low but the recent 8 month slump illustrates what is likely to happen when rates rise again.

~Jim Belfiore

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