By Mike Sunnucks | Rose Law Group Reporter
The regional housing market in 2019 started off with a stumble but ended with a bang fueled by lower mortgage interest rates.
That is the big take away from the year in housing from Jim Belfiore, president of Belfiore Real Estate consulting and a top expert on the local housing market.
“Over the last year, Arizona homebuilders stumbled and recovered and now with growth pushing demand above any period since 2006 and low supply, the mood is euphoria,” said Belfiore.
Belfiore will give a full rundown on the year in housing that was in 2019 and what to expect in 2020 at his Annual AZ Dealmakers at the Westin Kierland Resort & Spa on January 23. Seven hundred attendees have already signed up and Belfiore expects more than 1,000 people at the much-watched real estate event. The annual event is sponsored by Rose Law Group.
The housing market started 2019 much like it ended 2018 – slow. Higher mortgage interest rates discouraged home buying starting in September 2018 and extended into the first part of 2019.
“By mid-year 2019, the industry was back on firm ground saved by the almighty power of power mortgage interest rates,” said Belfiore pointing out that rate have dropped a full percentage point since December 2018.
That has helped spur year-over-year home sales in the Phoenix market and helped entry level and first-time home buying markets such as Queen Creek, Buckeye, the Loop 303 corridor and Pinal County.
“The most active submarket is the Queen Creek and the Hunt Highway,” said Belfiore. He said there are 65 active new home communities in that Southeast Valley submarket.
“There are many more expected to open next year,” Belfiore said.
