Some very good news comes from the Phoenix Business Journal today. The median prices of homes and the number of sales in the Phoenix area are on the rise according to the National Association of Realtors (NAR) report.
Prices in March came in at $144,500, up from $127,500 in March 2009, a 13.3 percent increase. The number of home resales was up 10.1 percent, according to the association’s monthly report issued Thursday.
There was an increase of single-family home, townhome and condominium resales nationwide: up 6.8 percent in February 2010 and up a total of 16.1 percent since March 2009. NAR credits some of these as having helped the increase in Phoenix sales and home prices:
- The $8000 homebuyer tax credit (expiring April 30, 2010)
- The increase in home affordability
- The annual “spring surge”
NAR Chief Economist Lawrence Yun says it is encouraing to see a broad home sales recovery in nearly every part of the country. Still foreclosures are feeding into the pipeline at a fairly steady pace, he adds. “In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers.â€
The report shows that sales are up in all markets except for New Orleans, and many major cities showed an overall rise in median home prices. Now is absolutely the time to buy. Phoenix is a huge, growing metropolis with many great cultural and historical sites, a central lightrail system for easy and convenient transportation, and several surrounding suburbs.
Mortgage experts expect mortgage rates to rise in the coming months. If you’re looking for a home in the Phoenix area, it’s the perfect time to lock in that rate. The $8000 tax credit is expiring within just a few days, but there are still several other options available for buyers including the many benefits of an FHA loan. Contact me today with any questions.
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