Belfiore: Key indicators and trajectories for the housing market the rest of the year

By Mike Sunnucks | Rose Law Group Reporter

Regional real estate expert Jim Belfiore is optimistic about the current state and trajectory of the housing markets in Maricopa and Pinal counties as they head into the last four months of 2019.

Low mortgage interest rates, regional job gains, a limited supply of existing home sales and new home sales gains in the West Valley point in positive directions, said Belfiore, who is president of Belfiore Real Estate Consulting.

Belfiore said West Valley submarkets such as Buckeye, Goodyear and Surprise continue to post healthy new home sales figures.

“These are performing very well. These are volume market areas,” said Belfiore.

Low mortgage rates are encouraging first-time buyers and those who have rebuilt credit after the last recession and real estate downturn to purchase homes. “It’s helping entry level buyers,” Belfiore said.

That in turn helps entry level markets and subdivisions in the West Valley, south Phoenix, the San Tan Valley and other parts of Pinal County.

Belfiore said Moody’s Analytics projects metro Phoenix will gain 69,400 jobs this year. That is up from the healthy 68,100 jobs added in 2018. Job gains are paralleled by population gains which help home sales demand.

There are also some positive trends for home builders, Belfiore said.

A limit supply of existing homes for sale and lower mortgage rates both encourage higher prices.

Lower rates mean not only more prospective buyers can qualify for mortgages but those who do qualify can afford more expensive homes.

The lower inventory of resale homes put has more buyers looking at new homes and the lower mortgage rates means builders can work more options and higher prices into new homes.

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