Valley housing market getting ‘scary’; real estate consultant Jim Belfiore speaks to ‘out of whack’ market

By Paul Maryniak | Scottsdale Progress

Almost from the time that the pandemic started making an impact on America, the Cromford Report periodically switched from its normal daily analyses of the Valley’s housing market to report with increasing alarm the statistics showing the insidiousness of COVID-19.

This month, the Valley’s acute shortage of resale homes rang those alarm bells.

Taking note that “all cities are running with the bulls,” Cromford on July 9 said the combination of downward trending inventory and rising prices was getting “rather scary.”

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“Home prices will continue to go up with both resale and new home inventory lows, but the fuel in demand now exacerbating supply issues is ultra-low mortgage rates.  We- our community leaders and the homebuilding industry- need to find ways to bring more supply to market before rising prices push too many people out of the market.  A balanced market is a healthy market.” ~Jim Belfiore, Founder/President at Belfiore Real Estate Consulting

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