Wednesday, October 28, 2020 10:36 am

Home sales and rentals soar in the Phoenix area; real estate consultant Jim Belfiore comments on the supply constraints

Image by Jesse Bridgewater from Pixabay

By Brian Webb | FOX 10

PHOENIX – The Phoenix area is making headlines again for a hot housing market, both in terms of home sales and home rentals.

On average, Phoenix area home prices are up an average of 10% from this time in 2019, and selling in an average of 10 days, rather than 22, making Phoenix the hottest market in the country for increased home prices, and the second-highest for higher rent prices.

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Data suggest nearly 50% of home shoppers have no home to sell today.  The supply issue is severe and will continue to be severe, meaning prices are rising rapidly.

As for the number of current homeowners in forbearance… it is low here in Arizona, and I do not foresee a significant hiccup in demand or a subtantial rise in supply in the next 12 or 24 months.  I see a market where we need to encourage more labor in-migration before prices rise beyond the incomes.

– Real estate consultant, Jim Belfiore
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