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Metro Phoenix home prices set new record, still no signs of a crash
Arizona Republic
Catherine Reagor | July 13, 2019
Buyers hoping for metro Phoenix home prices to fall this year as they are in some other U.S. cities have been disappointed.
The Valley's housing market is still hot with prices setting new records and sales soaring. Real estate experts don't see signs of a crash looming.
"It's not happening" said Tina Tamboer, senior housing analyst with the Cromford Report, about a potential plummet in the area's home prices. She told nearly 200 Valley HomeSmart real-estate agents Tuesday that, thanks in part to lower interest rates, demand for metro Phoenix homes began climbing again in March.
Still a sellers' market
Metro Phoenix's median home price hit a new record of $278,000 in May and likely climbed to $280,000 or more in June, according to the latest report from the Information Market, owned by the Arizona Regional Multiple Listing Service.
Valley home sales hit 10,341 in May, the highest monthly tally since the housing boom in 2005. Mortgageinterest rates are down from nearly 5% last November to 3.75%. And the supply of Valley homes for sale priced below $400,000 is down, after climbing in January.
"It's still a sellers' market, but people need to be reasonable and not crazy about pricing their home," said veteran agent Bobby Lieb, who held the HomeSmart meeting.
He has seen several Arizona real-estate cycles and doesn't see a crash coming either.
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August Real Estate Roundup
Realty Times
Realty Times Staff | August 27, 2019
Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month. The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity."
- 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.5 points for the week ending August 22, 2019, down from last month when it averaged 3.75 percent. A year ago, at this time, the 30-year FRM averaged 3.98 percent.
- 15-year FRM this week averaged 3.03 percent with an average 0.5 points, down from last month when it also averaged 3.18 percent. A year ago, at this time, the 15-year FRM averaged 4.02 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32 percent this week with an average 0.3 points, down from last month when it averaged 3.47 percent. A year ago, at this time, the 5-year ARM averaged 3.82 percent.
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Participating Restaurants Valleywide
3333 E. Camelback Rd., Ste 285 Ste. 350 Phoenix, Az
Hosted By: Arizona Restaurant Association
Date: September 20, 2019 To September 29, 2019
Recurring Daily
Phone: (602) 307-9134
Price: $33 Or $44
Ongoing Calendar of Concerts
Event Calendar
15059 N. Scottsdale Rd. Ste. 120 Scottsdale, Az
Hosted By: Scottsdale Quarter
Date: September 7, 2019 To October 26, 2019
Recurring Weekly On Saturday
Time: 5:00 Pm To 7:00 Pm
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Date: September 13, 2019 To September 15, 2019
Recurring Daily
Time: 8:00 Am To 4:00 Pm
Price: $8-$65
Dr. A.J. Chandler Park
178 E. Commonwealth Ave. Chandler, Az
Date: September 14, 2019
Time: 12:00 Pm To 9:00 Pm
Price: $10 (Online Before 8/2); $20 At The Door
Odysea Aquarium
9500 E. Via De Ventura Scottsdale, Az
Hosted By: Odysea Aquarium
Date: September 14, 2019
Time: 5:00 Pm To 8:00 Pm
Price: Free
Gateway Park
10100 N. El Mirage Rd 7561 W. Greenway Rd. El Mirage, Az
Date: September 14, 2019
Phone: (480) 406-1200
Time: 5:30 Pm To 9:30 Pm
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Date: September 20, 2019 To September 22, 2019
Recurring Daily
Phone: (480) 312-0217
Time: 5 P.M.-9 P.M.
Price: Free
Riverview Park
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Date: September 21, 2019
Phone: (480) 529-1419
Time: 4:00 Pm To 10:00 Pm
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The Pressroom
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Date: September 22, 2019
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State Farm Stadium
1 Cardinals Drive Glendale, Az
Hosted By: State Farm Stadium
Date: October 5, 2019
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Shemer Art Center
5005 E Camelback Rd. Phoenix, Az
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Time: 8:00 Am To 2:00 Pm
Price: $5 For One Admission, $10 For Family Admission
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