Some good news for the housing market in metro Phoenix. The valley saw the best growth in a decade in April. Not only were foreclosures down, more people are buying new homes, finding the affordable prices quite attractive. At Sotheby’s Phoenix, I’m witnessing firsthand the surge in the valley’s housing market.
More specifically, The Cromford Report shows home sales were up in metro Phoenix 8-percent. At Sotheby’s Phoenix, I haven’t seen foreclosures this low since 2006. Phoenix also continues to rank as one of the most affordable places to live in for a large metro area. In fact, the valley is ranked in the top 10 U.S. areas where people are moving according to a national moving survey.
Another interesting trend is that an April Street Scout survey found that Millennials and boomerang buyers are buying up homes in the valley. These are buyers who lost homes during the crash and like the valley’s affordable prices.
Some other interesting statistics I’ve observed at Sotheby’s Phoenix is that the median home price in the valley rose to $235,000, up from $215,000 the year before. Even condo prices are up with the median price reaching just over $146,000 compared to $142,000 a year ago. Homebuilding in the Valley is up 25-percent, as well, from last year.
At Sotheby’s Phoenix, I already know the valley is a great place to live. But according to HSH.com, a national mortgage firm, Phoenix is the eighth most affordable U.S. Metro area to buy a home. Even U-Haul is jumping on board, ranking the valley the 10th most popular place to move to.
As far as the summer months, it’s a popular time for people to move before school starts. But the hot temperatures due deter some homebuyers. At Sotheby’s Phoenix, I’m always happy to help you find your dream home any time of the year!