By Paul Maryniak | East Valley Tribune
High mortgage rates are discouraging homeowners from selling and fueling a growing lack of homes for sale in the Valley, a leading analyst recently warned.
And that likely will fuel a price increase for those houses that are up for sale, according to the Cromford Report, which analyzes in the housing market in Maricopa and Pinal counties.
“With only 12,500 active listings without a contract,” it said, “we are once again approaching a dire shortage of homes for sale.”
“Even a modest increase in demand is likely to force prices higher and quickly recover the ground lost over the past 12 months,” it said. “The median sales price is down almost 9% compared to a year ago, but has recovered nearly 4% over the last three months.”
The Cromford Report said anxious buyers face a likely return of bidding wars already in Chandler, Glendale, Fountain Hills, Phoenix, Gilbert and Avondale. Those are cities where the Cromford Report’s analysis shows the market has tipped by more than 2-1 in favor of sellers.
Indeed, Cromford Report said last week that a Realtor reported, “Some of the crazy is coming back.”
